What to know about bridging loans

In this article, we explain the different circumstances where bridging loans might be necessary.

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Which? has some useful advice on bridging loans:

https://mortgageadvisers.which.co.uk/other-mortgages/bridging-loans/. If you are considering a bridging loan, it pays to consult a professional adviser, who will often make use of software for financial advisers, to find the best deal.

Keeping a place in a chain

When the purchase of a property is funded out of the proceeds of another property’s sale, but the sale can’t be completed at the same time as, or before, the purchase, you might need bridging finance. 

Renovating, converting or restoring properties

Frequently, property is deemed to be unsuitable for a mortgage. This is generally due to poor condition, or because the property lacks a bathroom or kitchen. Bridging finance may be secured against such property. This helps landlords who want to renovate and then sell or rent out properties.

Excellent software for financial advisers can be found at Intelliflo.

Re-bridging

New bridging facilities can be arranged to replace loans that are nearing the end of their term, or have passed it. This may release funds and/or extend the loan term.

Buying an auction property 

If you win at auction, a 10 percent deposit is typically paid that day, with the remainder of the money due within 28 days. Bridging loans can be put in place quickly, guaranteeing that sales can complete in time.

When a must-have item comes along

Sometimes, in order to guarantee to secure a total bargain, a purchase needs to be completed fast. A bridging loan may be quickly secured against equity available in the property.

Solving short-term cash-flow problems

Cash-flow problems can occur for various reasons in business. A bank might call in your overdraft facility, customers may pay invoices late, or brand new equipment may be required unexpectedly.

Probate and inheritance tax issues

Sometimes, when you are dealing with probate and inheritance tax issues, funds may be required. Other reasons include having to pay taxes and bills, release charges on property, and pay off beneficiaries.

Buying property below market value

A bridging loan is helpful when you are buying property that is on sale for a price below its market value.

Property development

Bridging loans may be used to raise money for financing property developments.

Dealer profitability boosted by used car sales in 2018

After a difficult 2017 which saw UK motor retailers making an average £400 loss, dealer profitability specialist ASE recently released figures that show retailers made an average profit of £2,900 in 2018, news welcomed by the motor industry.

New versus old cars

Much of the profit made by car retailers was thanks to used car sales, which increased 0.11% year on year (between December 2017 and December 2018). Not only did used car sales increase, but they outsold new cars by just under 50%. However, this doesn’t mean that new car sales were slow: approximately 200,000 people a month bought or leased a new car in 2018.

Overall, this presents a fairly positive picture for the sector, one which looks like it may continue – at least through early 2019 – as dealers make delayed WLTP sales.

The impact of WLTP on sales

Worldwide Harmonised Light Vehicle Test Procedures, or WLTP, were introduced in September 2018 across Europe. They are a new standard of emissions testing, one that is much tougher than previous tests. Following the introduction of WLTP, car sales saw a significant decrease, with some manufacturers, including Volkswagen, struggling to get their cars WLTP ready.

According to AES, this drop in sales was short-lived, with most retailers making up for any shortfall during December. Longer-term WLTP could negatively impact the sale of diesel cars, while positively influencing the sale of electric and hybrid cars.
WLTP may also impact the tax band a car falls into, something car buyers should be aware of along with those responsible for managing their company car process. To check whether your insurance is affected too, speak to your motor trade insurance provider, or industry experts such as quotemetoday.co.uk, who can provide you with more detail.

The impact of Brexit

The other major issue potentially facing the industry in 2019 is Brexit, and the uncertainty surrounding whether we will leave the European Union with or without a deal on 29th March, or whether negotiations will be extended. Already, some car companies have announced plans to move manufacturing overseas, while others have voiced their concerns with the lack of a clear plan. Whatever the outcome, it is clear that the motor industry will need to respond to a changing environment in order to continue to thrive.

Everything You Need to Know About the Letting Fees Ban and How It Affects Landlords

The Tenants Fees Act received Royal Assent on 12 February this year after progressing through Parliament since its introduction as a Draft Bill in November 2017.

property inventory

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One of the changes will be a ban on letting agent fees to tenants, who will only be charged for rent, deposit, and defaults under their contracts. Significantly, landlords and agents will be banned from charging for inventories and referencing. The fee to change a tenancy will also be capped at £50.

Although housing groups have broadly welcomed the changes, pressure groups within the letting industry claim that the new legislation could mean redundancies, while others are concerned losses can only be recouped by increasing rents.

Inventories

One of the issues landlords may wish to address immediately is how they go about taking inventories. They can save time and money by using property inventory software. But which businesses would use property inventory software? Any property companies.

Such property inventory software has proved increasingly popular with landlords since its first introduction and given that the service will no longer attract fees it could prove an essential investment.

tenancy deposit scheme

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The new Act also provides for a series of new fines applicable where the Act’s regulations are breached.

One of the main provisions in the Act changes the way deposits are dealt with. Tenants’ deposits will be limited to a sum which reflects six weeks’ rent and holding deposits will not be allowed to exceed one week’s rental income.

Misleading

Deposits will still have to be retained in an approved tenancy deposit scheme introduced in 2007. There are, however, circumstances in which a deposit can be retained by the landlord. These are if the tenant withdraws or does not take all reasonable steps to enter into the agreement, fails to pass the Right to Rent test or if they provide misleading information.

The penalties for breaches of the Act, introduced by the new regulations, are strict. The first offense is treated as a civil violation attracting penalties of up to £5,000. If a violation is repeated within a five-year period, the penalty could reach £30,000 or be treated as a criminal offense.

The new Act does allow agents to charge for some services. These include early termination of the rental agreement at the tenant’s request, covering the costs incurred.

Six Benefits of Business VoIP

VoIP is currently the favorite solution to moving away from telephone lines. Here are some advantages of using this technology.

Business VoIP

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Cost

Using VoIP will help to reduce costs because all calls are made over the internet as opposed to telephones lines, which can be costly to maintain. However, both the business and the customer must have and pay for an internet connection, which often requires a telephone line to be in place. Businesses can find the best package using a wholesale VoIP termination provider.

Flexible

Most VoIP applications can be downloaded on to mobile devices that can access the internet. This means that calls can be taken at any time, anywhere, providing that there is a stable enough internet connection. This technology has helped to improve home-based businesses and allow employees to work from home, as all that is required is the internet connection.

Business VoIP

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Quality

VoIP calls are HD quality, as they are made over the internet and not by using old telephone lines. This produces a conversation that is much clearer and allows businesses to ensure customer satisfaction. https://www.idtexpress.com/ has many packages available.

Device

VoIP allows businesses to adopt a ‘bring your own device’ policy whereby employees use their existing smartphones and mobile devices to download the apps on to. This reduces the business’s costs, as they do not need to purchase the devices to allow VoIP to be used. This will also help the business with its productivity. Employees are empowered to become more flexible with a new option available to them to work from home, on the move and when it suits them. (https://www.whichvoip.com/wholesale-voip.htm discusses further advantages)

Feature-Rich

As well as being an exceptionally functional and modern approach to allowing calls to take place between businesses and customers, VoIP apps also include a large range of features to increase the positive impact that the technology has on the business. Features include hunt groups, chat function, auto attendant, caller display, call divert and many more.

Future-Proof

VoIP allows businesses to be ready for the future without having to plan and financially prepare for any possible future technology developments. For example, it means that businesses will be able to continue to conduct business when ISDN lines are obsolete, which it is thought will happen within the next eight years.

Improve your game with these 7 further performance foods

When you’re an athlete, it’s important you fuel up to perform at your best. The foods you need to eat more of are all easily available and can have a huge impact on your energy levels and focus.

Milk

The combination of carbs and protein in milk makes it the perfect recovery drink and aids muscle repair more effectively than consuming carbs or protein separately. Make it chocolate milk, and the caffeine will help you relax, too!

Sweet potatoes

Consuming these vitamin-packed tubers can lower blood pressure and keep your heart healthy. Vitamins A and C plus minerals like iron and copper keep muscles healthy and ready to perform.

Whey protein

Packed with protein and amino acids, whey protein helps build healthy muscle. It’s also fat-free and has zero cholesterol, making it ideal for athletes.

Rehydrating snacks

If you’re cutting back on single-use plastics or want to get hydrated in a tastier way, make sure you have access to snacks like radishes, watermelon and oranges during your netball training drills. Just grab a handful of dates or peppers when you’ve finished a drill like sportplan.net/drills/Netball/Getting-free/Triangle-for-Getting-Free-TBN0058.jsp, and you’re good to go.

Oatmeal

Before you even head to the gym for your netball training drills or spin session, you need to fuel up with a big bowl of porridge. Use steel-cut oats to reduce the risk of an insulin spike and enjoy the feeling of being fuller – and more power-packed – for longer. Oats are heart-healthy and a delicious and nutritious way to achieve your target weight using energy-packed carbs.
Cherries
These delicious fruits are every runner’s friend. Rich in antioxidants, they’ll prevent muscle pain, reduce inflammation and lower muscle damage – and they’re delicious, too.

Monounsaturated oils

Healthy fats like olive, linseed and coconut oils are anti-inflammatory and can also contain omega 3s that lower blood pressure. Coconut oil also contains medium-chain triglycerides that can help with endurance and boost your metabolism.

If you want to improve your sporting performance, you need to start eating a diet rich in vitamins, protein and fibre to keep you well-fuelled, whatever sport you enjoy. Enjoying these foods will give you the energy boost you need when you are active and the right recovery to rebuild your muscles for next time!

Why we should all think about eating seasonally.

We are lucky enough in today’s society to able to eat pretty much anything whenever we want. We simply pop to shops, buy the items and cook them from home or visit a restaurant where the chef and their kitchen staff will be working hard using commercial grade equipment such as Saladette Counter that you can find at fridgefreezerdirect.co.uk/commercial-refrigeration-brands/i-l/interlevin/interlevin-esa900-refrigerated-saladette-counter

But over recent years there has been much more of a focus on eating seasonally with some restaurants growing their own vegetables for use in their dishes. There are many reasons as to why eating seasonally is better for our health. In order for us to be able to eat certain items all year round such as strawberries they need to be force grown in conditions that are adapted for them. This has an impact on the quality and the taste of the items that are produced. Research has been undertaken into this and it has been noted that the nutrient levels of the food reduce when they are grown out of their natural season. So, the food might not be supplying you with the amount of vitamins, minerals and other nutrients as you first think.

When items are force grown, they are also subjected to more pesticides than at other points in the year and are often covered in waxes and preservatives in a bid to help them to grow. Inevitably some of this is passed on to us when we eat the food. As a result of this you may be ensuring that you eat your five a day but the quality of the nutrients you are receiving may be greatly impaired. It is thought that spinach loses up to two-thirds of its vitamin levels after a week of harvesting.

This all points to us using local farms and produces to buy our fresh produce from to make it as close to the source as possible and at its peak of freshness. This also helps to support local farmers and increase their sustainability as well as helping to reduce food miles which themselves have an impact on the environment. By eating seasonally, it means you may have to be slightly more inventive over the meals that you eat but you will also be exposing yourself to whole variety of different foods and ensuring that your body receives exactly the right balance of items.