BTL Remortgage

Let property campaign: your guide to making a disclosure

The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property, in the UK or abroad, to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.

If you’re a landlord and you’ve undisclosed income you must tell HMRC about any unpaid tax now. You’ll then have 90 days to calculate and pay what you owe. This guide explains how you can do that.

For more details and guidance “Click Here”

Thousands face Bank of Ireland UK mortgage rate rise

Thousands of mortgage borrowers with Bank of Ireland and subsidiary Bristol and West will see the cost of their home loan nearly double.

 The bank has announced that it is to raise the rate on its Base Rate Tracker mortgages, despite the Bank rate remaining at 0.5%.

It has the power to charge a top-up level of interest on these home loans, even if the Bank rate does not move.

It blamed the rising cost of providing these mortgages and rules on capital.

Banks must hold a buffer of capital to a certain level in order to keep to European rules.

Rate rises

The bank will raise the mortgage rate for residential customers from, typically, the Bank rate plus 1.75% to the Bank rate plus 2.49% on 1 May.

It will then raise it further, to Bank rate plus 3.99%, on 1 October.

Buy-to-let customers will see their rate increased to Bank rate plus 4.49% on 1 May.

The bank said that 13,500 customers would be affected by the move, with more than half of them buy-to-let customers. The majority also had significant equity in their properties, it said.

The rate increases do not affect customers of the Post Office, which partners with the Bank of Ireland UK.

Borrowers in a position to move should consider switching banks before the full rate hike kicks in.”

If you hold a Bank of Ireland mortgage and would like to see if there is a product available for you to move to, give us a call on 01489 580020 or email us on info@parkgate.net with the basic details.

Mortgages
life insurance
home insurance
equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.