From The Desk Of:
Stating the Obvious
It’s September. What?!? No shame in stating the obvious because September! *clings to summer with death grip.
As from March 2016, the MCD (Mortgage Credit Directive) comes into effect. Some lenders are choosing to adopt the rules, which affect BTL, second charge lending, mortgage, re-mortgage and increased borrowings, from September 21.
The CML (Council of Mortgage Lenders) published a statement of practice for lenders’ lending strategy and practice back in April. Endorsement for the statement for non-regulated BTL business included RLA and BBA. All members are expected to sign up and adopt its principles by the end of the year.
Landlords will have, under Right to Rent, power to ensure their tenants have the right to live in the UK, by checking their Passports, Visas and other proof of residence. Flaunting the rules ( currently trialled by 5 Councils ) carries maximum fines of £3,000 and up to 5 year imprisonment for repeat offenders. Proposals for a national rollout are included in upcoming Immigration Bill, after which landlords will have the power, in some circumstances, to evict without a court order.
BBC Business @BBCBusiness Each month a group of just nine people determine the UK’s interest rates. But who are they?
After considering the domestic impact from turmoil in the global markets, such as Chinese manufacturers cutting prices at the fastest rate in six years, the Bank of England voted 8-1 to keep interest rates at their record low.
Reforms outlined in the Bank of England bill included reducing committee meetings from 12 to 8, reducing the number of directors, establishing a prudential regulation committee, having a deputy governor for banking and markets and opening the Bank’s accounts to the NAO (National Audit Office) to assess good value for money.