Property Solutions to Sell Your House Fast For Market Value
A restrictive covenant on property imposes limits on its use or on any alterations to the property. A covenant dictates what owners can or can’t do, and are aiming at maintain standards, preserving aesthetics, or to regulate shared spaces within a community.
House price movements in 2023 are a mixed bag with most regions showing price falls, and a few small pockets showing price increases of up to 2.5% where you find more affordable housing in the area.
A mortgage stress test is calculated using the stressed mortgage rate to stress mortgage payments against monthly rent should interest rates rise. The stress test calculation takes account of interest rate cover ratio (ICR) which is 125% for basic rate tax payers or 145% for higher rate tax payers.
Mortgage lenders require the rental income to be 125% of monthly mortgage payments for basic rate tax payers and 145% for higher rate tax payers for interest only buy to let mortgages. But the interest rate used to calculate the mortgage payments is the stressed interest rate not the actual rate.
To calculate the minimum required monthly rent for mortgage rental cover, the formula is: The Proposed Mortgage Amount * Stressed Mortgage Rate / 12 * Interest Rate Cover Ratio (ICR) = Required Monthly Rent.
Zoopla confidence levels range from low confidence, which means they don’t have enough data on the property to be confidence about the estimated price vs their high confidence level, which means they do have enough data on the property to be confidence about the estimated price.
