Buy to let mortgage searches fall again

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Property118

Buy to let mortgage searches fall again

Mortgage searches fell again in May, with 1,590,911 being carried out, down 7% on April’s figure and 15% below May 2025.

The data from Twenty7tec reveals that buy to let followed the same direction, with total BTL searches falling 9% to 249,403.

BTL purchase searches were 22% lower than the same month last year.

Residential searches stood at 1,341,508, a 7% monthly fall and 16% lower year on year.

Residential purchase searches dropped 5% to 626,029, while first-time buyer searches slipped 4% to 152,355.

Mortgage market adjusting

The firm’s chief customer officer, Nathan Reilly, said: “After the heightened levels of activity seen earlier in the year, May’s data suggests the market has entered a more cautious phase.

“One of the most interesting aspects of this month’s report is the continued demand for complex lending criteria.

“Joint borrower sole proprietor enquiries returned to the top of the rankings, alongside searches relating to visas, foreign nationals, adverse credit and self-employed applicants.”

He added: “These remain some of the most common questions advisers are seeking answers to, reinforcing the increasingly specialist nature of mortgage advice with a human touch.

“May’s figures do not necessarily point to a market in decline, but rather one that is continuing to adjust following the heightened activity seen earlier in the year.”

BTL remortgage search

Remortgage searches saw some of May’s steepest falls with residential remortgage searches dropping to 563,124, down 9% on April and 21% below May 2025.

Buy to let remortgage searches also fell by 9% month on month.

However, product availability increased during May after falling in April, with lenders continuing to alter product ranges while adviser activity eased.

The criteria search figures also point to more complex borrower cases being handled by advisers.

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Cost of installing heat pumps?

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Property118

Cost of installing heat pumps?

Hi everyone, I’m looking to install a heat pump for one of my lets, and if I have this right, I cannot claim the costs as day-to-day running costs?

Even though the gas boiler is all but dead, I have been told it would not pass another gas inspection due this summer.

Also, have I got it right that I cannot claim it as a capital cost when I sell the property?

Can anyone who knows about taxes and things comment?

After all, I thought this was what the government wanted us to do?

Thanks,

Sally

Editor’s note: In most cases, replacing a gas boiler with a heat pump is treated as a capital improvement rather than a repair, so the cost is generally not deductible against rental income as a day-to-day expense. However, it should normally be added to the property’s capital gains tax base cost and may therefore help reduce any CGT liability when the property is eventually sold. As always, tax treatment depends on the specific facts, and landlords should seek professional advice where significant sums are involved.

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TMW, Accord, HSBC and Darlington cut buy to let mortgage rates

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Property118

TMW, Accord, HSBC and Darlington cut buy to let mortgage rates

The Mortgage Works and Accord are among the buy to let lenders cutting their mortgage rates, following five lenders who did so late last week.

The latest reductions cover individual landlords, limited company borrowers, let-to-buy, houses in multiple occupation and holiday let cases.

HSBC and Darlington Building Society are also reducing or highlighting new landlord products.

The Mortgage Works has cut selected one-, two- and five-year fixed rates by up to 0.22 percentage points for new and existing customers across its BTL, let-to-buy, HMO and limited company ranges.

Its five-year fixed remortgage product at 65% LTV is now priced at 4.22%, down by 0.22 percentage points, with a 3% fee, free valuation and free legal work.

Further BTL rate cuts

An existing customer switcher version of the five-year fix has also been reduced to 4.22%, down by 0.07 percentage points, with a 3% fee and availability up to 65% LTV.

Another five-year fixed remortgage product, also up to 65% LTV, has been cut by 0.20 percentage points to 4.69%, with a £1,495 fee, free valuation and free legal work.

Limited company borrowers are also included in the rate reductions. A five-year fixed rate for purchase and remortgage, with free valuation, is now 5.49% at up to 75% LTV, down by 0.18 percentage points, with no fee.

Two existing customer switcher products for limited company landlords have each been cut by 0.05 percentage points.

One is a two-year fix at 5.44%, with a £1,495 fee, and the other is a fee-free two-year fix at 5.94%. Both are available up to 75% LTV.

The lender’s lead manager, Keir Fraser, said: “We are pleased to announce further rate cuts across our mortgage range, our third set of cuts in the past month.”

Accord lowers BTL rates

Accord Mortgages has also reduced rates across its buy to let product ranges, with two-year fixed rates for landlord clients cut by up to 0.30 percentage points.

Three-year fixed rates have been reduced by up to 0.25 percentage points, while five-year fixed rates are down by up to 0.22 percentage points.

Among Accord’s revised deals is a two-year fixed rate at 4.87%, previously 5.17%, for remortgaging landlords at 60% LTV.

The product carries a £995 fee and includes free standard valuation and remortgage legal service.

A five-year fixed rate for remortgages at 75% LTV has been cut to 4.87%, from 5.09%, with a £3,495 fee, free standard valuation and remortgage legal service.

Aidan Smith, Accord’s mortgage product manager, said: “We’re pleased to take this opportunity to improve the competitiveness of our range across the board, ensuring better value across a wide range of options for brokers and their clients, whether they are looking to finance a buy to let property, these changes provide greater choice.”

HSBC’s BTL is ‘best buy’

Moneyfactscompare.co.uk has named HSBC’s five-year fixed rate mortgage at 65% LTV as its buy to let Pick of the Week.

The product is priced at 4.57% fixed to 31 July 2031, with a £3,999 product fee, free valuation and a maximum LTV of 65%.

It is available to second-time buyers and allows overpayments.

Caitlyn Eastell, a personal finance analyst at the platform, said: “While landlords face a large £3,999 product fee, this is partially offset by its free valuation incentive.

“Overpayments are permitted by up to a maximum 20%, which may be a bonus for some.”

Darlington lowers BTL and holiday lets rates

Darlington Building Society has reduced rates across selected buy to let and holiday let products by up to 20 basis points.

The changes apply immediately across selected two- and five-year fixed-rate products for purchase and remortgage business.

Its standard BTL two-year fixed rate is now 5.49%, while its holiday let two-year fixed rate is now 5.59%.

Darlington says its buy to let and holiday let criteria include no minimum income requirement, no maximum age and support for first-time landlords.

It will also consider borrowers remortgaging a former residential property to buy to let.

The society has no six-month ownership rule, accepts Airbnb for holiday let applications and allows up to 90 days’ personal use on holiday let properties.

Chris Blewitt, its head of mortgage distribution, said: “One of the biggest challenges for brokers at the moment isn’t necessarily finding a mortgage, it’s finding a mortgage that genuinely fits the client’s circumstances.

“Brokers need lenders that can look at the full picture rather than at a rate that’s competitive, which is why we’ve continued to focus on both pricing and flexibility across the range.”

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

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The Great Landlord Shake-Up: Strategic Planning for 2026 and Beyond

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Property118

The Great Landlord Shake-Up: Strategic Planning for 2026 and Beyond

One month after the Renters’ Rights Act came into force, the landlord exodus has not materialised in quite the way many expected.

However, with stronger enforcement powers for councils, increasing compliance obligations, future energy efficiency requirements and continuing uncertainty about what further regulation may be introduced, many landlords are reviewing their portfolios and planning ahead rather than waiting for problems to arise.

Timing is everything, and landlords who have decided that now is the right time to scale down or retire are cashing in on their investments while they still can, and this is where Landlord Sales Agency comes in.

Whether you decide to sell all of your portfolio in one go or retain your best-performing properties while you see how the legislation plays out, we are entirely flexible to your needs.

At Landlord Sales Agency, like all the smartest landlords, we adapt our strategy according to the properties, the tenants and the owners’ priorities but as landlords, rather than property developers, our starting point is always to sell the properties as they stand for a fair market price unless it makes more sense to chase a better sales price.

And crucially, landlords can still get a great price close to vacant possession value without emptying the property first. 

We would only consider evicting tenants, refurbishing the properties and chasing full vacant possession prices if the extra money achieved was genuinely worth the additional time, cost, stress and risk involved.

Most landlords who contact us don’t want to gamble on spending thousands improving the properties only to find the market has shifted or the sale price doesn’t justify the upfront cost or ongoing risk.

Sellers come to us looking for a realistic balance between achieving a strong sale price and securing a fast, reliable sale that avoids months of uncertainty and potentially thousands of pounds in upfront costs paying mortgage interest, council tax, utilities and other costs associated with running vacant property for months, if not years.

One landlord that came to us for help in deciding strategy had a freehold property split into 4 flats in East Dulwich. Every flat was tenanted and the sale was further complicated by missing planning and tenancy documents. The gains from developing the property for maximum value was not worth the cost or risk to the owner. By winning the tenants’ cooperation, we were able to rectify the complications and market the flats to our network of over 30,000 private buyers and investors.

The vacant possession value of the 4 flats was £1.3M – we sold the entire block with tenants in situ as a turnkey investment in just 4 weeks for £1.15M and the owner collected rent right up to completion.

Another landlord had two properties – both with vacant possession but in poor condition and valued at £125K and £160K. With a potential value of £210K and £300K respectively, the potential gains were clearly worth £40K investment but with the seller’s wealth tied into the properties, they were unable to realise the potential themselves or to pay the mortgage costs during the renovation.

In this case, in collaboration with the owner, our strategy was to renovate and sell properties in mint condition to owner occupiers for the best price possible.

We agreed an interest free loan to be paid back from the sale funds and arranged a trusted team of builders to complete the work.

Both properties sold for full market value just two weeks after the renovations were complete and after paying back our £80K refurb costs, £10K mortgage payments we paid, plus our fee for advancing funds, the landlord was over £90K better off.

So, if you’re a landlord looking to adapt, get in touch and we’ll help you plan your strategy.

We have an extensive private database of over 30,000 buyers who will buy your properties with or without tenants and get text messages to alert them to new properties every time a landlord comes to us to sell.

Our buyers are a mix of new landlords, investors and first-time buyers meaning that whether you’re selling with or without tenants, the properties will be snapped up. It also means that we’re able to get you’re the best possible price for the property.

Any company promising you 100% market value for a tenanted sale is hiding a huge list of costs that are going to come after the sale. That’s not the case with us. It’s one of the things that make us different, we are fiercely realistic and proudly transparent.

More landlords are recognising that this does not have to be an all-or-nothing decision when it comes to selling your portfolio and here at Landlord Sales Agency, we are here to help.

You have nothing to lose and everything to gain, fill out the form below.

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Government defends EPC C targets for landlords

admin    Uncategorized     agents

Property118

Government defends EPC C targets for landlords

The government claims the cost and compliance requirements of EPC C targets are “fair and proportionate” for landlords.

In response to a written parliamentary question, Energy Minister Martin McCluskey said a range of exemptions would be available.

The government has proposed that all privately rented properties must meet a minimum EPC rating of C by 2030.

No one-size-fits-all approach

Labour MP for Truro and Falmouth Jayne Kirkham asked: “What assessment has the government made of the number of rural properties that will struggle to reach the minimum EPC C rating by the 2030 deadline for all rental properties?”.

In response, Mr McCluskey said: “Government recognises there is no “one-size-fits-all” approach to tackling the UK’s diverse building stock. We have set out a range of provisions to ensure the cost and compliance burden is fair and proportionate for landlords.

“This includes a maximum spend requirement of £10,000 per property, and a range of exemptions for circumstances where the installation of measures is not feasible or appropriate.”

Substantial and costly upgrades

Under the Warm Homes Plan, private landlords will be able to choose between the smart or heat metrics, and the cap on the amount they are expected to invest to meet the new standards will be reduced from £15,000 to £10,000.

The cost cap will be lower where £10,000 would represent 10% or more of a property’s value.

However, Mr McCluskey did not mention that upgrading properties to an EPC C rating will still be costly for landlords.

Timothy Douglas, head of policy and campaigns at Propertymark, previously told Property118 that EPC C targets will be hard to meet for older properties.

He said: “While the ambition of the Warm Homes Plan to improve energy efficiency and tackle fuel poverty is acknowledged, the proposals as they stand are deeply concerning for landlords and agents across both the residential and commercial sectors.

“In the private rented sector, landlords are being asked to deliver, in many cases, substantial and costly upgrades to reach EPC C by 2030, yet this is being imposed without clear, long-term funding commitments, realistic delivery timescales, or sufficient flexibility for older, complex, and hard-to-treat properties.”

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Rent guarantee demand jumps after Renters’ Rights Act

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Rent guarantee demand jumps after Renters’ Rights Act

Within weeks of the Renters’ Rights Act coming into force, RentGuarantor has revealed that demand for its services rocketed as landlords looked at how to protect their rent income.

The firm reported a 115% rise in demand in May, with revenue for the month reaching about £700,000.

Property experts have warned that the RRA could leave landlords with a lengthy struggle to gain possession from problem tenants and prompt an exodus from the private rented sector.

The company said the figures reflect a ‘structural shift’ in demand for rent and property damage guarantees after the RRA came into force on 1 May 2026.

The firm’s news follows research from Zero Deposit which suggests the share of local authority areas where tenants may fail affordability checks could rise from one in five to almost one in two.

That means more than half of tenants may need a guarantor after the RRA was introduced.

Professional guarantor service

The firm’s chief executive, Paul Foy, said: “The company’s performance in May 2026 marks a clear shift in demand for our professional guarantor service.

“The structural changes to the sector resulting from the Renters’ Rights Act are driving sustained growth across our core customer segments and reinforcing the relevance of our solution.”

RentGuarantor has also expanded its services to include the ability to settle property damages.

Mr Foy said this is a ‘critical step’ in positioning the firm’s offering that simplifies the core aspects of securing rental accommodation in the UK.

AI investment

RentGuarantor also said it is investing heavily in AI to enable it to fast-track its rent guarantee services without hiring more staff.

The planned investment includes AI-enabled document processing, targeted recruitment in data science and engineering, and upgrades to technology infrastructure.

Doing so could help the firm to grow its annual capacity from 20,000 to 100,000 contracts.

Mr Foy said: “We are moving quickly to scale capacity through our planned investment in AI, spearheaded by our in-house expertise, so that we can sustain this growth without compromising the high standards of service and risk management that underpin our business model.”

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The Family Wealth Fortress: Are You Seeing the Full Picture of What You’ve Built?

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The Family Wealth Fortress: Are You Seeing the Full Picture of What You’ve Built?

With pension rules changing in April 2027 and reaching further than ever, now is exactly the right time to step back and look at the full picture. We think this free live webinar is worth your time.

The Family WealthFortress: From Fragmented Advice to One Joined-Up Plan

Wednesday, 10 June 2026

12:00 PM – 1:30 PM

Kevin Whelan & Paul Brooks

Reserve your free seat by clicking here

Most people in our community have spent years making good decisions. A property portfolio built carefully over time. A pension ticking along in the background. Maybe a business, some savings, a few investments.

Each piece made sense when you added it. Each one is doing its job.

But here’s the thing, when did you last look at all of it together? Not just the portfolio. Not just the pension. Everything, as one picture, with a clear view of what it means for your family when the time comes.

For many people, the honest answer is ‘not recently’. And with what’s coming in 2027, that’s worth changing.

What’s changing from April 2027

For years, savvy investors used their pension as a quiet ace in the estate planning pack. Pensions sat outside the taxable estate, meaning unused funds could pass to the next generation largely free of inheritance tax. It was one of the most efficient wealth transfer tools available , and many families quietly structured their affairs around it.

That’s about to change.

From April 2027, whatever is left unused in your pension when you die will be counted as part of your estate — just like your property and savings already are. That means it could be subject to inheritance tax in a way it never has been before. If you have a property portfolio and a pension alongside it, the combined value of your estate may now look quite different to what you’d assumed.

What this webinar is actually about

On 10 June (Wednesday), Kevin Whelan and Paul Brooks are running a FREE 90-minute live session specifically for families navigating exactly this kind of complexity. It’s a practical conversation about how to build a framework that holds all the pieces together so that what you’ve built actually reaches who you intended it to reach.

They’ll cover how joined-up planning helps families:

• Understand the real inheritance tax exposure across their full estate, not just one asset class
• Navigate the 2027 pension changes before they land, not after
• Make better decisions today that support the next generation tomorrow
• Replace fragmented advice from multiple advisers with a single, coherent strategy

Places are FREE but limited.

With April 2027 closer than it feels, we’d encourage anyone with property, pension, and other assets to get along to this one. It’s exactly the kind of conversation that’s easier to have NOW than later.

Register for the WealthFortress webinar

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Charity warns over increased reliance on guarantors under reforms

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Charity warns over increased reliance on guarantors under reforms

A charity has warned that guarantors could become a default requirement for low-income tenants following the ban on rent in advance.

In a guest blog post for Crisis, published by the TDS Charitable Foundation, it said landlords should not have to choose between managing risk and being accessible.

The comments come as the Renters’ Rights Act came into force on 1 May 2026.

Guarantor requirements can create barriers

According to the TDS Charitable Foundation, 91% of landlords who let to local authorities, including homeless households and people receiving benefits, report satisfaction in their role, compared with 63% of landlords overall.

Tenants receiving benefits are also 10% more likely to remain in their homes for three or more years, offering landlords more stable, long-term occupancy.

However, under the Renters’ Rights Act, landlords and letting agents can no longer accept rent in advance.

The charity says many tenants will welcome the change, but warns that guarantors could become the default alternative.

Dr Jennifer Harris, head of policy, research and social impact at the TDS Charitable Foundation, said: “The Renters’ Rights Act introduces a cap on upfront rent, a change many tenants will welcome, given that 17% of tenants nationally identify it as a barrier to accessing a home, according to the TDS Charitable Foundation’s national Voice of the Tenant survey.

“But if guarantors simply become the default replacement, the barrier doesn’t disappear, it shifts. People on lower incomes or with experience of homelessness are often unable to provide a guarantor, and our research shows guarantor requirements create real access barriers for around one in ten tenants.”

Clear communication to landlords

Dr Harris added that when asked what would encourage them to let to people moving out of homelessness, more than a third of landlords said a rent guarantee scheme would be their preferred incentive.

She said: “The message to landlords is clear: you don’t have to choose between managing risk and being accessible.”

The research also claims there is “no evidence of a mass landlord exodus”, but points to data showing that 20% of landlords letting to housing benefit tenants had sold at least one property. By 2025, that figure had risen to 37%.

The charity is urging the government to better understand what is driving landlord exits from the affordable end of the market, and is also calling for Local Housing Allowance (LHA) rates to be restored.

Dr Harris said: “In our Voice of the Landlord survey, a quarter of landlords said they felt unable to rent to people receiving benefits, and half cited the growing gap between LHA rates and market rents as a reason why. Restoring LHA rates to a level that reflects actual rents is therefore vital to protect the supply of affordable PRS housing.

“Clear communication to landlords about their Renters’ Rights Act obligations, along with ongoing monitoring of supply, will both be essential to prevent the Act from accelerating the very exits it is intended to prevent.”

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Tenants are renting for longer than planned

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Tenants are renting for longer than planned

Landlords are facing a tenant base that is staying put for longer, with new research showing many renters have remained in the sector far beyond their original plans.

LRG’s Spring 2026 Lettings Report, based on responses from 650 landlords and tenants, found that 60% of tenants in England and Wales are renting for longer than they expected.

Some 40% said they had been in the PRS for much longer than they had planned, while another 20% said it had been ‘somewhat longer’.

Just 1% of those surveyed have since bought a home.

Renting is the norm

Allison Thompson, the chief lettings officer at Leaders, which is part of LRG, said: “Renting for longer is no longer the exception – for a growing number of people it has quietly become the norm.

“What the data tells us is that most tenants have not chosen this; they have accepted it.

“And acceptance is not the same as satisfaction.”

She added: “The 32% who say they feel stuck and frustrated are a reminder that long-term renting works well when the home, the landlord and the price are right – and when tenants feel secure.”

Questions on periodic tenancies

Landlords appear divided, though not generally opposed, on whether the move to assured periodic tenancies will alter their approach to longer stays.

The survey found 42% of landlords said the change would make no difference to how willing they are to encourage tenants to remain long-term.

Another 15% said they would be more willing.

A further 15% said they would be less willing, while 29% were not yet sure.

Why tenants rent longer

The report points to rising house prices, stretched affordability and tighter mortgage access as reasons why tenants are remaining in rented homes rather than moving into ownership.

The length of time tenants spend in their current home also shows how settled many households have become.

The largest group (35%) have lived in their present property for one to two years.

However, 59% have been there for three years or more, including 23% who have stayed for more than a decade.

Only 5% said they had been in their current home for less than a year.

Tenant behaviour changing

The figures come as the Renters’ Rights Act moves the sector towards assured periodic tenancies which gives tenants the right to remain indefinitely.

For landlords, the data suggests the law is meeting a change already taking place in tenant behaviour, rather than creating it from scratch.

Among tenants who have rented longer than intended, 40% said they had accepted the position but still hoped to buy one day.

Another 23% said they had made peace with renting and that it now suited them.

However, 32% said they felt stuck and frustrated and only 4% said they had actively chosen to keep renting.

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Charity urges crackdown on letting agents

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Charity urges crackdown on letting agents

A charity has warned that renters are facing “rock-bottom service from letting agents”.

According to Citizens Advice, nearly half of renters (48%) who have dealt with a letting agent in the past three years experienced rule-breaking behaviour.

The charity is now calling for tougher regulation of letting agents, alongside stronger enforcement of existing rules.

Nobody should be left in dangerous conditions

Research by Citizens Advice reveals among renters with an emergency repair, such as a gas leak or unsafe wiring, more than two-thirds (68%) were left waiting more than 24 hours by their letting agent.

More than a quarter (27%) of renters with an emergency repair faced extra costs or higher bills as a result.

The data also reveals more than a quarter (29%) saw emergency or urgent repairs left totally unresolved.

Tom MacInnes, director of policy at Citizens Advice, said: “Private renters are forking out more than ever to put a roof over their heads, and in return they get a rock-bottom service from letting agents.

“Nobody should be left to live in dangerous conditions for days, have to fight for money they’re owed or be charged illegal fees. But our advisers are helping tenants with these kinds of problems regularly.”

Better regulation and tougher enforcement

The charity is now calling for the government to clamp down on letting agents, warning that failure to do so could undermine the progress made by the Renters’ Rights Act.

They argue the legislation should better protect tenants from issues such as disrepair.

Mr MacInnes said: “The new Renters’ Rights Act is a huge moment for private tenants, a reform Citizens Advice has long campaigned for.

“But this landmark legislation will only deliver its true potential if the government holds letting agents to account with better regulation and tougher enforcement of the existing rules.”

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