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August 4, 2020

Lendlord launches tax insights for landlords

Online platform, Lendlord, has partnered with Guardian Tax & Accounting to enhance its portfolio management product with automated tax insights for landlords.

The product will provide landlords with the ability to track their portfolio’s net profit, total capital gains tax and their inheritance tax exposure on an ongoing basis.

Guardian Professional, specialist property tax advisors, will provide bespoke third-party advice to Lendlord’s customers on how they can implement the software product recommendations and thereby reduce their tax liability.

The Lendlord platform helps landlords to manage, track and optimise their portfolio, with dashboards that monitor key metrics/KPIs, and tools to identify performance insights, and other smart financial intelligence.

It aims to provide landlords with a central place in the cloud from where they can operate their business.

Lendlord also has the facility to manage tenants and tenancies, track expenses and more, creating a rolling record that can be used for a landlord’s annual self-assessment tax return.

Since its launch several months ago, Lendlord has helped thousands of portfolio landlords to track the performance of their portfolios and improve their bottom line as a result.

Aviram Shahar, co-founder and CEO at Lendlord, said:

“We are very excited to have the opportunity to work together with such a professional firm as Guardian, which has massive experience in the property tax & accounting world. This collaboration helps us enhance the level of automation of the platform to provide ongoing tax insights and simulations based on the changing circumstances of the landlord/property investor.

Add this to the existing collaboration with property forum Property Tribes, and we are starting to realise the Lendlord mission of providing a professional digital ecosystem for landlords to operate within which aids and supports a more efficient landlord life”.

Amit Prasanna, director at Guardian Tax & Accounting, said:

“As a forward looking and innovative firm ourselves, we are thrilled to partner with the Lendlord team to bring real-time and actionable information to landlords. Our aim is to help landlords make better decisions about their property business and personal tax affairs.

By collating and centralising key data for landlords, the Lendlord platform facilitates our analytics process, making it easy and simple to get early warnings of issues that may arise in future, giving landlords ample time to plan ahead.”

August 4, 2020

Castle Trust Bank recruits sales director

Castle Trust Bank has recruited Jason Neale to become its new sales director as the lender continues to focus on plans to grow its specialist lending business.

Jason, who begins his new role on 1st October, is currently head of buy-to-let Lending at Axis Bank UK and has previously held sales director roles at Magellan Homeloans, First Complete Network (Primis) and Infinity Mortgages.

As sales director, he will work closely with intermediaries and distribution partners of Castle Trust Bank as the bank increases the number of brokers with whom it works and builds upon its existing offering to meet the needs of buy-to-let landlords and high net worth individuals.

Barry Searle, managing director of Mortgages at Castle Trust Bank, says:

“Our banking licence provides us with the opportunity to broaden our offering for brokers and their clients and we have very exciting plans for the future. So, it was important for us to recruit the right person to take those plans to market and ensure that we are communicating our evolving proposition clearly and effectively. Jason has a huge amount of experience in this market and he exudes the professionalism and high standards that we work to at Castle Trust Bank. I’m looking forward to Jason starting his role and working together.

Jason Neale says: “There’s never been a better time to join Castle Trust Bank. It has always been well-respected in the market for its common-sense approach to delivering solutions for clients and its banking licence opens the doors to help even more customers. With no reliance on capital markets or 3rd party funders, the bank is well placed to expand its proposition so I can’t wait to get started.”

August 4, 2020

Cambridge and Counties Bank appoints Tina Hayton-Banks as chief operating officer

Specialist lender Cambridge & Counties Bank has appointed Tina Hayton-Banks to the role of chief operating officer (COO).

Before joining Cambridge & Counties Bank, Tina was director of member services at the Nottingham Building Society, a position she had held since October 2018.

This covered the group’s operations in relation to all customer sales and service operations as well as leading a strong first-line risk and compliance function.

Taking over from Scott McMunn in the Autumn, Tina will have full responsibility for the leadership and day-to-day management of all departments across operations, IT and change management; maintaining the bank’s focus on its customer-centric culture through risk-aware, compliant operations.

The COO role is a new position at the bank, having been first set up in March this year and managed on an interim basis by Scott since then.

Cambridge & Counties Bank has developed what it sees as one of the leading relationship-based business models in the UK. For 2019, 99% of new customers, both borrowing and depositing, said the bank dealt with their enquiry and application effectively, with the same score (99%) given for their willingness to recommend it.

Tina Hayton-Banks, chief operating officer, Cambridge & Counties Bank, said: “Cambridge & Counties Bank is well known in the market for its high-quality customer proposition and dedicated product suite. This represents a compelling career opportunity for me and I’m very much looking forward to helping the senior team build on the strong momentum the bank has in the market.”

Mike Kirsopp, CEO, Cambridge & Counties Bank, said: “We’re delighted to welcome someone of Tina’s track record and calibre to the team. She has exceptional experience in key areas such as customer service and compliance, and she will be central to the bank’s continued growth aspirations and our competitive profile.”

August 4, 2020

Hope Capital records 350% spike in £1m-plus cases

Hope Capital has seen new cases for loans in excess of £1m increase by 350% month-on-month in July.

The latest figures from Hope Capital follow a year-on year increase in cases of 189% recorded by the specialist short-term lender in June.

The recent surge in interest for larger loans provides further evidence of renewed investor confidence, and increasing broker awareness that, with its flexible approach to lending, Hope Capital should be at the top of their list for cases of all shapes and sizes.

Continuing the trend from June’s figures, well over half (60%) of new cases in July were for residential properties, a quarter (25%) for commercial, and the remaining 15% for mixed-use. The average LTV of the loans, weighted by value, is under 60%.

A large proportion of the loans (85%) are aimed at refinancing and capital-raising, indicating that businesses are looking to restructure their finances in the wake of the coronavirus lockdown.

The government has recently announced changes to permitted development rights and planning guidance, including proposals to make it easier to convert commercial properties to residential use. These changes provide investors with new opportunities to meet changing patterns of demand in a post-coronavirus world.

Gary Bailey, managing director of Hope Capital, said: “It’s clear that there is strong demand from borrowers as the country gradually emerges from lockdown.

“There is a widespread expectation that in the post-coronavirus world, the property market will take on a very different shape. There is likely to be less demand for expensive city-centre office space, for example, and greater need for residential properties to incorporate outdoor space and areas for working comfortably and efficiently from home.

“Change brings fresh opportunities for investors, and recent planning changes mean it is easier for them to move quickly to take advantage of these. What they need is a lender who can also move quickly so that they can get their projects underway with the minimum of delay.

“Hope Capital’s flexible approach means we will always go the extra mile to understand individual projects and borrowers’ unique circumstances.

“It’s important that brokers know there are lenders such as Hope Capital that are ready to deal with cases at all levels, and go the extra mile to get finance in place quickly.”

August 4, 2020

Try Adviser Network granted FCA Permission to advise on Shariah Mortgages

The Try Adviser Network of mortgage brokers has been granted permission by the FCA to give financial advice on Shariah-compliant home purchase plans.

Try Adviser Network acts as a link between mortgage providers and advisers, and operates alongside a direct-to-consumer mortgage service under the Try Financial brand.

Its appointed representatives have reported increasing interest in home purchase plans, the Shariah-compliant equivalent of a mortgage, over the past 12 months. This is what prompted the Network to apply to the FCA for regulatory permission to advise customers on these products earlier this year.

Home purchase plans differ slightly from traditional mortgages, where a buyer borrows a fixed amount from a bank to purchase a property and then pays this back with interest over a set term. With home purchase plans, the Bank and the buyer purchase the property in partnership and no interest is charged, as this is not permitted in Islamic finance.

Instead, the Bank charges rent on the part of the property that the customer doesn’t yet own. The customer also pays an additional amount each month to gradually purchase the bank’s share of the property over a set period.

The network has worked with home purchase plan provider Gatehouse Bank, and the Bank’s sales director Roger Evans, to shape its offering. It also offers customers buy-to-let purchase plans, which are a Shariah-compliant mortgage alternative for landlords where the additional home purchase plan permissions are not required to provide advice to customers.

Martin Swann, managing director at Try Adviser Network, said:

“We regularly speak to our appointed representatives to find out what they need to expand their businesses, and requests for HPP permissions have grown considerably in the past year.

“We have worked closely with Gatehouse Bank for several months, using their knowledge and experience of the HPP market to shape our proposition. We see them as central to our home purchase plan offering in the years to come.

“We are delighted to have had permissions granted by the FCA, growing the number of customer journeys we can offer under the broad roof of Try Financial Ltd. It has always been our intention to deliver as much as we possibly can to advisers.”

Roger Evans, director of Home Finance Distribution at Gatehouse Bank, said:

“Try Financial are a valued business partner of Gatehouse Bank and I am delighted that they have taken the initiative to gain the home purchase plans permissions with the FCA.

“This will allow their intermediaries to provide an even better level of service and support to their customers and meet the growing demand for home purchase plans in the residential property market head on. This will be in addition to offering an ethical finance solution for landlords in the form of buy-to-let purchase plans, which do not require these consumer-focused permissions.

“This is a positive step that will further support the growth of one of the industry’s most innovative broker networks.”

August 4, 2020

Young people and adults to benefit from new training courses to help them gain jobs

Young people in the West Midlands will benefit from new one-year training courses at further education colleges and private providers to equip them with the skills needed to gain jobs, as the region recovers from the Covid-19 pandemic.

To support young people who may struggle to get a job or apprenticeship due to the impact of Covid-19, the WMCA is funding the training through its devolved adult education budget, thanks to an extra £5.3m from the Department for Education.

The WMCA is also using the money to set up sector-based work academies to help local employers with immediate and future vacancies by upskilling the unemployed to fill these jobs.

Through devolution, these new training courses, which will start in September, show how the WMCA is supporting local people in gaining qualifications, upskilling or retraining for new jobs.
Being responsive to the needs of regional and local businesses and working closely with employers also means the WMCA can provide young people with the skills required for employment, both now and in the future.

Andy Street, the Mayor of the West Midlands, said: “We know that young people are expected to be hardest hit by the economic fallout of the coronavirus pandemic and that many adults will sadly lose their jobs.
“It’s critical therefore that we support young people and adults back into work quickly by equipping them with the skills that local employers need.

“This extra funding from government will help do exactly that as it allows us to fund one-year training courses in high-value subjects and match local jobseekers with employers who are recruiting.”

The new one-year courses will give 18 and 19-year-olds the opportunity to gain qualifications at levels 2 and 3 to get jobs in growth sectors where there are vacancies, such as construction, health and care, and engineering.

Cllr George Duggins, leader of Coventry City Council and WMCA portfolio holder for productivity and skills, added: “Young people are our future and we must do everything we can to help them through this difficult time, especially if they haven’t gained the exam results they were hoping for. This additional funding is a welcome boost.

“I would also urge local employers who are recruiting to talk to their local Job Centre and find out more about sector-based work academies, which are a great way to get new talent into their business.”

Sector-based work academies last up to six weeks and comprise pre-employment training, a work experience placement and a guaranteed job interview.

To find out more about the training opportunities for young people being funded by the adult education budget, visit https://beta.wmca.org.uk/what-we-do/covid-19-support/online-resources/

August 4, 2020

UK lockdown puts pressure on brands to digitally deliver

A study released today reveals the scale of omni-channel pressure brands now faced as a result of the Covid-19 pandemic, as consumers flock to apps and websites to as the priority destination to transact with brands.

The UK has experienced a huge leap in use of online services thanks to lockdown, with the public appearing to have less concern for the availability of a brand’s physical location. Research by Sungard Availability Services (Sungard AS) uncovers a “window of availability” that UK businesses now have before consumer loyalty changes:

  • If a brand’s website is down for 24 hours – 32% of consumers would switch provider
  • If a brand’s app is down for 24 hours – 28% of consumers would switch provider
  • If a physical store is closed for 24 hours – 20% of consumers would switch provider

The results by industry paint an interesting picture of the availability timeframes brands are expected to adhere to:

For online retailers, excluding grocery retailers – 23% of consumers would switch provider if they could not access online services for 12 hours, rising to over a third (34%) after 24 hours

For financial services and entertainment streaming platforms – 21% of consumers would switch provider after 12 hours, rising to 33% after 24 hours

In the case of online grocery shopping – 20% would switch provider after 12 hours, rising to one third 33%  after 24 hours

The findings also highlight that as digital reliance increases, so will consumer expectations towards availability in the future. Over the coming two years, a third (33%) of consumers expect online financial services to always be available, rising to 35% for streaming services.

“UK consumers have become reliant on the constant availability of online services, and lockdown has only served to heighten this,” comments Chris Huggett, SVP, EMEA at Sungard AS. “What used to be a choice between physical and digital has now firmly accelerated into digital environments across various industries. As online worlds continue to outpace bricks and mortar as the face of businesses, ensuring constant availability and clear communications on downtime will be key for brands to build trust and loyalty.

August 4, 2020

Businesses choose Bitcoin payments as lockdowns lift

As businesses worldwide begin coming out of lockdown into uncharted territory, adapting and surviving the economic and social impacts of Covid-19 is imperative as consumer behaviour, namely spending habits, continue to rapidly change. Alongside a 200% rise in “first-time” online purchases in April, Econsultancy recently reported a 33% increase in “online banking or use of mobile apps and payment methods”.

UK Bitcoin exchange, CoinCorner, has seen business appetite adjusting to accommodate this, with an uptick in businesses keen to introduce Bitcoin payments as a way to gain competitive advantage by opening up to new markets, receiving cheaper fees and no chargebacks.

Sam Tipper, business development manager at CoinCorner, said: “Since I joined CoinCorner in 2019, we’ve been making huge strides in assisting businesses across multiple industries to accept Bitcoin. eCommerce solution platforms, Bambora and ShopWired, came onboard earlier this year to offer Bitcoin as a payment integration for their B2B clients. CBD specialist, Herts Hemp, is one of Shopwired’s 8,500+ online retailers now selling products for Bitcoin.”

Through its Bitcoin payment gateway ‘CoinCorner Checkout’, the exchange helps businesses to accept Bitcoin, this month announcing a new partnership with Rivalry, an Isle of Man esports focused sportsbook.

Rivalry CEO, Steven Salz, commented: “Given the growth that our industry has seen this year, it’s critical that we adapt and respond to the changing behaviours and preferences of our players. Offering Bitcoin as a deposit option is just one of the many ways we’re evolving the betting experience and our integration with CoinCorner’s service has made this possible.”

Additionally, Bitcoin is also gaining the interest of service-based industries too. Tipper added, “Affinity Group, an Isle of Man and Maltese Corporate Service Provider began accepting Bitcoin in June. Bitcoin’s borderless and global features make it the ideal alternative currency to offer as a payment option for any business, whether online or in physical shops.”

August 4, 2020

McGill’s residential Dundee waterfront development given green light by Dundee City Council

Dundee based McGill’s residential development and home building arm, McGill Homes, were today notified that their project to convert the former Department for Work and Pensions Building on Dundee’s Gellatly Street into residential properties, had been granted full planning permission by Dundee City Council.

McGill announced their decision to revive the home building arm after acquiring the property at auction last May, in partnership with Aberdeen-based Cater Homes.

The property will create, not only affordable housing in a prime location but also provide much needed jobs in the Dundee area throughout the development.

Graeme Carling, CEO of United Capital, the parent company of McGill commented;

“After a 14-month process, we are delighted to finally receive full planning permission on our Gellatly Street development. This development will see new affordable housing built in the City Centre and will create new, and much needed building jobs in Dundee.

“When we bought this building in May 2019, with our partners at Cater Homes, we were excited by the opportunity to breathe life back into this dis-used building. I am looking forward to seeing the work get started.”

McGill’s development partner Cater Homes, recently developed nineteen 2, 3 and 4 bedroom homes in Fraserburgh, Aberdeenshire, and the Gellatly Street development would be their first in the City of Discovery.
Cater Homes director, Steve Choi, commented;

“Everyone at Cater Homes are excited to have received full planning permission. We are looking forward to working with McGill and playing our role in the continued development of Dundee’s waterfront.”

The 17,000 sq. ft. site sits on the corner of Gellatly Street and Dock Street in Dundee’s waterfront campus which is currently going through a £1bn redevelopment and includes the new V&A Dundee Museum.

August 3, 2020

West One recharges its proposition

West One has relaunched its buy-to-let and second charges products, with new rates and criteria to support borrowers as the economy emerges from lockdown.

The specialist property finance lender continued to lend strongly through the lockdown period and is now revamping its product set, to meet the needs of borrowers in a fast-changing market environment.

The changes West One has announced are designed to provide its broker partners with greater opportunities, including limited-edition products to support that.

Buy-to-let
West One has also enhanced its overall buy-to-let range, with increases in LTVs, loan sizes and a significant rate reduction. The buy-to-let range is now also available to landlords who have previously taken a payment holiday as long as normal payments have resumed and at least two payments have now been made. Key features are:

  • Increase from 70%LTV to 75% LTV
  • Maximum loan size increased from £750,000 to £1m
  • All rates have been reduced by up to 65 basis points and now start at 3.59% for standard products residential and 3.79% on specialist products

West One’s standard and specialist buy-to-let products are available to first-time and experienced landlords, where the applicant owns their own residential property.

Its specialist range of buy-to-let mortgages is available for expats, holiday lets and Airbnb, houses in multiple occupation (HMO) and Multi-Unit Blocks (MUB). It can be accessed by both individual and limited-company borrowers.

Second charges
West One has reintroduced its popular second-charge residential prime plan, Apex 0, with rates starting from 3.99%. In addition, West One has increased loan sizes on their buy-to-let second charge range, with loan sizes now available up to £125,000 and LTVs up to 70%, while continuing to offer market-leading rates.

Further enhancements to their criteria mean that self-employed borrowers will benefit from streamlined criteria and processes, including reductions to the minimum trading period from three years down to two.

Borrowers who have recently exited payment holidays or returned to work from furlough can now be considered on a number of plans up to 65% LTV.

West One runs a ‘no credit scoring’ approach with specialist underwriting on all applications available up to a term of 30 years.

Andrew Ferguson, managing director at West One Buy-to-Let, says: “Our refreshed range of products and criteria will support our broker partners and demonstrates our commitment to this market. We continued to perform strongly during lockdown and are confident our broad range of specialist buy-to-let products, along with repricing across our entire range, provides a compelling and competitive reason to use West One.

“We have further ambitious plans lined up for later this month which will further enhance our offering and we will confirm further details shortly.”

Marie Grundy, sales director for West One, adds: “These major enhancements to both our second charge residential and buy-to-let product ranges represent our most significant set of changes since the onset of lockdown. They also underline our commitment to the second-charge market at a time when products are in shorter supply.

The return of our prime plan, Apex 0, and increased options for landlords and self-employed borrowers, combined with the introduction of products for borrowers exiting payment holidays, mean an even broader range of borrowing needs can be met through our comprehensive second charge product offering.”

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