The Times focused on the new Buy to Let rules from the Prudential Regulation Authority (PRA) that will come into force this October. They will affect ‘portfolio landlords’ (those with 4 or more mortgaged properties). Previously, lenders might assess a new mortgage in isolation but will now have to undertake a review of all the client’s assets, liability, tax position, business plan and exit strategy. Buy to Let Mortgage lenders are beginning to announce how they will implement these changes, with some opting to pull out of this part of the market.
Another popular theme of the weekend’s papers was New Build. The Times listed 10 tips on how to avoid ‘shoddy’ new builds from talking to others who have already moved in to never using the solicitor recommended by the House builder and avoiding extras such as carpeting.
The Sunday Times highlighted the plight of c100,000 homebuyers, who have purchased leasehold houses from builders such as Taylor Wimpey. The homebuyers have pledged to battle this toxic legacy of high cost leases which is making their properties unsellable.
The Mail on Sunday reported that last year insurers paid out more than £1billion in claims meeting 92 out of every 100 claims met. The Association of British Insurers has proposed a review of Critical Illness cover to ensure it remains viable in the long term. As cancer becomes more easily detectable and 5 year survival rates improve, one proposal is for all stage 1 cancers to be excluded from full payment, triggering a partial payment instead.
If you would like more information on Critical Illness cover please click here.
