GDPR Business Compliance

GDPR Business Compliance

First of all, GDPR business compliance is now in full effect.

Therefore, it is important for all business in the UK and Europe to be GDPR compliant.

As of the 25th of May 2018, all businesses that deal with data must be GDPR compliant.

As a result, if a business does not comply, they will face a hefty fine.

Fines can be an amount of up to 4% of their annual income, or up to £20 million.

The Information Commissioner’s Office (ICO) is the governing body that regulates data protection in the UK.

According to their website they are;

“The UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.”

GDPR Business Compliance
GDPR Business Compliance

GDPR for Business

Initially, when we were informed about GDPR, we knew we had to do something to protect our business.

Also, we needed to ensure that a system was in place to ensure our clients’ data is protected.

We visited the Information Commissioner’s Office (ICO) and the information was concise, yet vague.

As a result, our company contacted other agents and affiliate companies to better understand the GDPR process.

It felt quite daunting, but we have ensured that all areas for the company’s GDPR Compliance are covered, such as:

  • All of our computers’ security upgrades
  • Client data securely stored
  • All contracts collecting information are compliant
  • Website and blog privacy policies in place

GDPR Conclusion

In conclusion, GDPR is in full effect as of the 25th of May 2018.

Therefore, if you deal with data, protect your business and your clients’ data.

Avoid hefty fines and keep your clients feeling secure in your business ethics and conduct.

Make sure you can answer any questions regarding your GDPR business practice.

Visit the ICO website if you need to check your progress.

Interest Only Mortgages

Interest Only Mortgages

First of all, it is 2018, and interest only mortgages have dropped by almost half since 2012.

UK Finance have revealed figures that state these types of mortgages have fallen by 46% since 2012.

According to Property Investor Today, “Currently there are 1.7 million outstanding interest-only mortgages (including partial interest-only)…”

“…Loans at these higher loan-to-value ratios now account for 13% of the total, in comparison to 16% in 2016 and 36% six years ago.”

They also state, “In separate UK Finance research, it was also revealed that of the one million interest-only loans set to mature by 2020 that were live at the end of 2012, there are now only approximately 200,000 that remain.”

As a result, these figures show that many borrowers resolve their mortgage payments ahead of schedule or switch to a repayment mortgage.

Especially relevant, if you do not understand the terms within the article, here is a link to Keystone IMC Ltd website.

This link will help you to better understand mortgage related terms and phrases with thier glossary of mortgage terms.

interest only mortgages
Interest Only Mortgages

Interest Only Mortgages Explained

Borrower – person taking mortgage to buy a property

An “Interest Only Mortgage” is a mortgage where the borrower pays only the interest rate of the mortgage and not the full repayment.

The advantage of is that it can help the borrower reduce their financial outgoings.

The borrower only pays the interest on the mortgage through monthly payments for a term that is fixed on an interest only mortgage loan.

The disadvantage is that the borrower will have to pay a lump sum of the repayment amount after the payment term.

Most noteworthy, if provisions for paying this accumulated amount is not in place after the term is over:

1.) Some make a lump sum payment

2.) Some refinance/re-mortgage their homes

3.) Some begin paying off the principal of the loan.

The principal of the loan is the money that you originally agreed to pay back.

So, for those who do not understand mortgages, we hope this post has helped

Furthermore, if you might find it hard to make the repayments, the interest only option may help you.

In addition, if you can afford the full mortgage repayment, you may want to choose that option.

As a result, this will help you to avoid amounting and considerable payments owed in the future.

Conclusion of Interest Only Mortgages

In conclusion, it is important to understand interest only mortgages and your mortgage options.

Most of all, check back in the future to read more about mortgages and other property related posts.

UK Guaranteed Rent Explained

UK Guaranteed Rent Explained

First of all, UK guaranteed rent explained in a way that makes sense is important for Landlords to understand.

Metropolitan and Crown has been a provider of guaranteed rent in London and the M25 radius since 2007.

Therefore, we understand the guaranteed rent market and the variables offered by the many estate agents in the UK.

Landlords must ask the agent how they will be guaranteeing their rent before they proceed.

They might find that their rent will be guaranteed by way of a rent guarantee insurance policy.

The landlord will not be guaranteed the rent when something goes wrong.

If you have ever dealt with an insurance claim, when they might be completed is like asking the question;

“How long is a piece of string?” It could take an indefinite amount of time to complete… if the claim is approved.

uk guaranteed rent explained
UK Guaranteed Rent Explained

Due Diligence

It is important for all landlords to do their “due diligence”.

Ask the right questions before entertaining any estate agent that offers guaranteed rent.

Questions to ask could be;

1.) How is your company guaranteeing the rent?

2.) Does the guaranteed rent scheme cover void periods?

3.) Can your company afford to guarantee the rent if something goes wrong?

4.) What is the minimum term of the contract for your guaranteed rent scheme?

If a company is guaranteeing the rent by an insurance policy, there is no point in asking questions 2 and 3.

Consequently, the insurance policy will only cover you for any setbacks created by sitting tenants who have defaulted on their rent.

It is still worth asking  question 4 to see how long you will  be tied into the agents contract.

To conclude, as a landlord, it is important to find out what type of guaranteed rent an agent is offering, and carrying out your due diligence before letting out your property.

We will continue to post relevant information about guaranteed rent in the future.

Leave your relevant comments below.

UK Housing Crisis

UK Housing Crisis Affects Britain

First of all, there is no surprise that a UK housing crisis is affecting the country.

Over the years, there has been a huge influx of foreign property investors that have caused property prices to rise.

As a result, this has created an adverse affect on those looking to buy their first property.

Rising house prices over the years have caused first time buyers to find it difficult to afford a property on the market.

According to Filipa Sa (senior lecturer at King’s College London) conducted research concluded;

Foreign investment does not just raise the price of expensive homes, it has a “trickle-down” effect on the rest of the market.

For her research, Filipa Sa analysed Land Registry data.

She found that there was a rise of 1 per cent in the share of property sales to companies registered overseas.

This raised prices in the local area around Kings College by 2.1 per cent.

Filipa Sa’s research was noted by the Independent website.

UK Housing Crisis

uk housing crisis
UK Housing Crisis

The Government have come under pressure to tackle and resolve the UK housing crisis.

It seems like properties have been acquired through foreign shell companies.

As a result, something must be done to resolve this housing crisis in the UK.

Therefore, it is only right that the UK Government needs to intervene.

Affecting Rent Prices?

In addition to the housing crisis, property rental prices seem to continue to rise.

The rise of rent prices will have a knock-on effect on many people’s finances living in the UK.

There is another blog entry explaining this in a bit more detail named “Rent Prices Rising“.

Do you have any views on the UK housing crisis?

If you do, kindly leave your comments below.

Lifetime Mortgages

Lifetime Mortgages

First of all, lifetime mortgages in the UK became quite the trend in recent years.

A lifetime mortgage is essentially a form of equity release.

This is attractive to the over 55’s living in the UK looking to release equity from their home.

lifetime mortgages
Lifetime Mortgages

Lifetime mortgage benefits

As a result, there are a few industries that have benefited from this occurring.

The industry sectors that have seen the lifetime mortgage benefit them are:

  • Manufacturing
  • Construction
  • Health
  • Social care

The amount of money pumped into the UK economy since the lifetime mortgage was introduced is in excess of £3 billion.

The manufacturing industry benefited the most from the equity release scheme at £1.32 billion.

Next in line was the construction industry with an injection of £349 million.

Both the health and social care sectors were boosted by £203 million.

Consequently, this money has helped generate jobs in the above UK industries and boosted the overall UK economy.

Lifetime Mortgages UK

According to Property Investor Today, lifetime mortgage sales tripled from 2013 to 2017.

These figures will most likely rise in the years to come, as long as this opportunity for over 55’s is available.

On the contrary, the lenders have tactfully positioned themselves to make a significant amount of money through repayment schemes.

This scheme has been well thought out by the financial services of the UK to ensure money is being generated within the financial industry and the UK economy respectively.

You can read the detailed figures of equity release spending on the Property Investor Today website.

In conclusion, equity lenders have cashed in on a well thought out equity scheme named “Lifetime Mortgages” that benefit the lenders and the UK economy.

The future will reveal how effective this lifetime mortgage scheme has benefited the UK nation.

To read about other mortgage related topics in our blog, visit our blog post about equity release.

Rent Prices Rising

Rent Prices Rising 2018

To begin, rent prices rising is on the cards for 2018.

At least that is the prediction.

Forecasts for the months ahead have been provided by companies like NAEA Propertymark and ARLA Propertymark.

As a result, agents will be affected by the rental market with the 0% fee structure being imposed.

The Property Investor Today website suggests such claims.

rent prices rising
Rent Prices to Rise for 2018

Rent Price Rising Predictions

Consequently, the rise of rent has an effect on the property market.

What kind of effects might this prediction cause?

First of all, David Cox, chief executive of ARLA Propertymark reckons this will have a positive effect on the rental market through planned, government regulations.

Which regulations? One being control of the rental market through estate agents.

Analysts believe that this will make the rental market stronger and more professional.

For first time buyers, there may be a positive outcome.

Due to these regulations, there might be stamp duty relief for first time buyers as well.

Ultimately, there is no certainty of how the rise of rent will affect the UK property market in 2018.

In conclusion, there are predictions that the rent prices will rise in 2018 making the rental market stronger and more professional.

How will this affect landlords, agents and tenants?

We will have to wait and see how this all pans out.

More statistics can be found on the Property Investor Toady website regarding this topic.

 

Check out our other Property Finance News posts:

Property Finance News

 

Winter Wonderland

Winter Wonderland Hyde Park

First of all, it is that magical time of the year, and Winter Wonderland adds to the magic.

The Christmas season is here, and it is time to celebrate in style.

One of the biggest Christmas events in London, Winter Wonderland at Hyde Park, is now in full swing.

And what makes it even better?

It’s free to visit this magical experience!

winter wonderland hyde park
Winter Wonderland Hyde Park 2017

Celebrate Christmas in Style

There are various attractions and things to do at the magical park, that you may not be able to do it all in 1 day.

Not to worry though. Hyde Park is inviting everyone of all ages.

This year, the annual event started on the 17th of November 2017 and it ends on the 1st of January 2018.

There is still plenty of time to visit this wonderful experience and book tickets to the several attractions on offer.

The Attractions include:

  • Ice skating
  • Bar Hutte
  • Magical Ice Kingdom
  • Cinderella on Ice
  • Bar Ice
  • Zippos Christmas Circus
  • Cirque Berserk
  • The Sooty Christmas Show
  • Giant Observation Wheel
  • Santa Land
  • Various Rides & Games

Conclusion

To conclude, you have until the 1st of January 2018 to experience this magical Winter Wonderland located in Hyde Park for all to enjoy.

There are loads of attractions and things to see, do and enjoy during the festive season.

Visit this website for more details.

 

Private Property Value

Private Property Value Exceeds £6 Trillion.

First of all, the private property value has definitely risen over the last decade or so.

This is obvious, especially in London, as property prices have gone up exponentially over the last 15 years.

This information was provided in a previous post about House Price Growth.

According to Property Investor Today, it states the following:

“The total value of privately owned properties in the UK has increased by £1.94 trillion over the last decade, surpassing £6 trillion for the first time.”
private property value
The Value of Private Property Increasing Since 2007

Private Property Value Stats

In regards to statistics, the average house price in London has increased by £349,629 to £579,761 since 2007.

That is a 71% increase!

Furthermore, the stock of privately owned properties in the capital since 2007 has grown by a quarter of a million.

That is a 10% increase.

According to Russell Galley, the managing director of Halifax, he says:

“While more than a fifth of total property wealth is in London, lower levels of owner occupation reflect a major barrier to the property ladder with a far greater number of people renting where house prices are at their highest.”

Stats Across the UK

The overall housing value in southern England has risen over two and a half times faster than the north since a decade ago.

That is 65% and 25% respectively.

Some 76% of private housing across the UK belongs to owner occupiers.

Overall, there has been a steady increase in the UK.

Will it continue to rise and affect variables in the property market? Stay tuned to find out.

Conclusion

In conclusion, although there is currently a slight decline in the property values across the UK,  since 2007, there has generally been an increase of value in the property market.

Reduced Asking Prices

Reduced Asking Prices Create Demand

First of all, there has been a wave of reduced asking prices in prime central London areas.

As a result, this has created a demand in buyers looking at areas like Belgravia.

This comes from the source on Property Investor Today.

“According to the Knight Frank report, buyer sensitivity to property prices remains high, while some figures highlight the nature of demand in Belgravia.”

This demand will clearly be from interested people who have the money to buy in such prime London locations.

Nonetheless, it is the right time for people to look at these areas to see if they can purchase a good property deal.

You may not see a reduction on every property listing, but there are some reductions to be found.

Happy property hunting!

reduced asking prices
Reduced Price

Asking Prices Reduced in Central London

It seems like Belgravia appears to be an area with a quality of housing stock.

As a result, this is driving the demand in the area.

This is according to Stuart Bailey, head of Knight Frank’s Belgravia office.

Hence, the attraction of buyers looking in these areas where asking prices have been reduced.

In conclusion, asking prices have been reduced in prime central London areas like Belgravia. This is attracting a demand for buyers.

Read the entire article about this topic on the Property Investor Today website for more detailed information.

Find out more information on our posts about Property Finance News via the links below:

House Price Growth

Mortgage Stability UK

Interest Rates Rising UK

Print Festival Tower Hamlets

Print Festival Tower Hamlets

To start it off, the holiday season is upon us, and a print festival in Tower Hamlets may be for you.

Tower Hamlets Council are advertising the event on their website.

The free event will take place on Friday, the 17th of December 2017 between 11am and 6pm.

East London Printmakers is hosting the event.

The exhibition will be at the The Art Pavillion near Mile End Park.

The art community will be excited to see the works of the various artists on display.

Art can bring different cultures, races and religions together, and this event will be no different.

It is a time for everyone interested in art to appreciate the various works on exhibit.

Even if art is not a passion, it is always nice to look at different styles of art that artists create with passion.

Bring a friend or three to view these works of art created by passionate artists.

print festival
Festival of Print

Print Festival Exhibition

The Festival of Print 2017 will be celebrating the work of over ninety print makers from East London.

Furthermore, affordable limited edition prints of these artists will be showcased at the exhibition.

The host, East London Printmakers, offers opportunities for the public.

These services include public access to their studios, and tuition.

Visit the ELP website for more information about the host of this event.

Print Festival Venue

Host:  East London Printmakers

Venue:  The Art Pavillion

Address:  Mile End Park, Clinton Road, E3 4QY

Date: Friday, the 17th of December 2017

Time: 11am and 6pm

To conclude, those fascinated with print are in for a treat at this exhibition of print during the festive season.

You will be happy you did.

View the Tower Hamlets Council Website for more details about this Festival of Print 2017.

Other events we have shared:

Fireworks Celebration

Children’s Activities