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  3. @GaryS Thanks for the link. Super helpful! It sounds like from all the above and my other research that it's not possible to take our new RGI policies at the moment with any insurers, and for existing policies, as you say, it's not clear whether lenders will pay out for Covid-related rental defaults.
  4. Hi I started my own Ltd company buying apartments in Manchester city centre and a couple in liverpool city centre. I began back in 2016 and now have 9 in total. Two are under my own name and the remainder in a limited co. Try looking at these two cities as they have great potential. I have been managing all the manchester properties since I purchased them and the two in liverpool I gave to an agent. I managed all the properties from London where I was living for the past 5 years. Great idea to start doing the managing and uplift of the flats best of luck!
  5. I must just be a very bad person. I don't tend to cost jobs as I'm 99% sure I can't get my materials any cheaper or my labour, so it seems like a waste of time. My income tends to dribble in and cover most of the development works.
  6. Hi! Thank you for your response - I currently have 1 BTL property, so I don't have any experience with HMO's yet Thanks!
  7. Thanks Lilla d - you are correct I meant lower LTV ie bigger deposit
  8. Yes, your understanding is correct. It depends. If the deal for the £50k ends on 31/12/2020 and the deal for the £20k ends on 30/06/2022, then you could: - just take a new deal from your current lender for the £50k to start 01/01/2021 (or a few months earlier, if the current lender allows it) and take a new deal for the £20k when that finishes, etc., i.e. you will be out of sync on the two deals all the time OR - remortgage the whole £70k to a new lender as of 01/01/2021 and pay the early repayment charge (ERC) applicable on the £20k. This will consolidate the two parts into one mortgage and avoid being out of sync and being restricted to your existing lender's deals, but you'll pay ERC. Granted, there are deals with no ERC, but whether you can get a further advance deal with no ERC will depend on what your lender has available.
  9. Hi - you need to add stamp duty £1.5k and any refurbishment costs to your capital investment - virtually all properties will need something spent on them to get ready for letting, even if its just basic decorating & tidying. There may also be broker/finance fees unless you get your mortgage direct. The 19% yield is before maintenance & voids (I budget at 1 month/year rent for voids and 10% for maintenance), another factor is that the lower down you go in the housing market the more tennant payment issues and potential damage you will get. I don't have experience of Liverpool but the cheaper areas near me only attract social housing tennents and arrears/non payment significantly impact actual returns (as well as the hassle) so this needs factored in Insurance and agent fees look a bit high - I rarely pay over £200 year for insurance and my highest agent fee is 12% and lowest 8% in the North West good luck with your investment Adrian
  10. Hi, It certainly is challenging to find the right property in Worcester, ill keep looking but will need to start exploring other area options around 1.5 hour radius as I am fairly hands on while I do these projects. Your development sounds interesting and I may well be in touch to find out more.
  11. Hi everyone! My name is Charlotte Evans and I am a new member of this forum. I am a private entrepreneur and property investor (mostly in Europe). I hope to meet here interesting people to discuss property topics and share the experience!
  12. We are all essentially on a forced holiday at the moment for the reasons @lilla d mentioned! One thing i will add is that offers on remortgages that are still going ahead on AVM's are now valid for 6 months, rather than 3. So you can make an application, secure the offer and then you have some time to see which way the winds blow.
  13. Thanks, Very informative, and useful to me as I plan to start discussions with my current lender. Is it correct that the "further advance" / new borrowing will have different terms to the existing borrowing ? I currently have a good mortgage on some good terms, and would like to keep them in place - even if it means additional borrowing is on different terms. So building on the current example, the existing 50k continues on current arrangement, and the additional 20k will have new terms. and to clarify, is it a remortgage will be completely new agreement for the 70k
  14. It'll depend on your target market. The minimum requirement will be one bathroom for up to four inhabitants, however, you may struggle to rent rooms out on that basis, especially if higher end etc. In terms of some of the cheap and not very cheerful LHA properties, it might be ok but really only because you're letting it to people who don't have a choice in accommodation (not saying that's the right approach, just a fact). Whilst my student days were based on that ratio, I'm not sure most students would want that now, so you'll always be the property of last resort. Quite a lot of the higher end, professional or good student HMOs now seem to have a bathroom for each occupant, either en-suite or off suite. Whilst you might not need to hit that in all cases, it would certainly make them easier to rent.
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  16. I have posted this to Progress Journals . Please refer there for update
  17. @alja nosm I am referring to deposit for bridging, not for mortgage
  18. Hi Natalie, Just to check, do you have (or have you ever had) another HMO property? Or any other single household rental property? I'm asking it, because becoming an HMO landlord is a bit more complex than just becoming a landlord for a simple property that you're going to rent out to a couple. There are quite a few extra requirements, regulations, licencing that you'll have to go through and based on your post, I get the feeling that you're not an experienced landlord. I apologise, if my impression is wrong. Taking a new resi mortgage is a completely different ballgame from changing the mortgage type to BTL and starting a HMO. Yes, it's more complex, the mortgage assessment will be different, the rates will be different and your lender options will be limited dependent on your personal situation, the property itself and the figures around the deal. Please speak to a broker and they'll sort things out for you.
  19. I think Julia may meant to say "...on a lower LTV..." Having said that, I think it's not just the uncertainty around property values which drives the LTV reductions, but also the fact that physical valuations were stopped about 2 weeks ago and lenders don't feel confident / don't have the facility to do automated valuations or use other solutions to value properties above a certain low LTV level. So, in response to the original question, yes, a lot of lenders have withdrawn from 70-80% LTV lending (or all LTV lending) on BTL for the time being...
  20. Flipping would need to be done with cash or bridging finance not mortgage.
  21. Hi Murray, "Advance borrowing" is not the correct term, but describes well enough what people mean. The official term is "further advance" and it means that the existing lender gives you some extra mortgage on top of what you already owe. E.g. the property is worth £100k, the existing mortgage balance is £50k and you take a further advance of £20k, so your new total borrowing will be £70k. This £20k will land in your bank account and can use it as deposit for the purchase of another property (or home improvements, repaying credit card debt, etc.) There are of course lots of T&Cs, one of them being what Benji mentioned above that not every lender will accept it if the deposit comes from this solution. These lenders are in minority though and a broker will be able to help you as most appropriate. Just to mention, an "advance borrowing" could also be a second charge, which is not the case above, but just to complete the picture. A second charge is when it's not your existing lender giving you the above mentioned £20k, but a different lender. It's called a second charge, because when you sell the property, your existing lender gets paid first (they hold the first charge) and the new lender will get paid second (hence second charge). Hope the above helps clarify the terms
  22. Hi, I am very new to property and looking to make my first buy to let investment. I was hoping this group could provide me with some useful guidance and positive criticism on my current plan. As it stands I'm looking at properties up north in Liverpool. I have seen many houses for around 50K and I have budgeted as per the below. My budget considers a 25% buy to let interest only mortgage at around £80 per month, Agency fees of 15%, rental of £425 per month and landlord insurance at £50 a month. Does this sound realistic? I am very happy to be given a strong reality check here. Have I missed any key things or not provided for certain outcomes? At the moment it just seems too good to be true at roughly 20% return without capital gains! Please let me know your thoughts or advice on this. Many thanks, Bradley
  23. Hey Nicholas, I would say remortgaging is one of those areas atm where lenders have appetite for in the current CV19 climate, and % rates are at their all time lowest with BOE base rate cut. We always need to research and check individual cases, and depends on the LTV stretch we can stress for you this week if you needed mortgage advice. Also a 2nd charge mortgage may be another thing to consider/check too. Yours James Dawes
  24. Hi Oli,

    Can you help me. I have a very big garden i.e 90f and I would like to build another house on it and would like to know if that it possible. The right of access to this house would have to go through the side of the first house. I want to know if I could get permission for this or would the neighbors object.

    Thanks in advance.

  25. Great! Do capitalise on your network, and their experience and their team. And forums like this is a great place to learn and network too! With the UK in shut down, not much is happening there, so their is a little time to work on your strategy and plan your next steps
  26. Hey Kathy. Not sure where I want to invest yet but I haven't been hearing much about Essex & Kent. I'm not even at the refinancing stage yet so when I get to the investing stage, and if I'm looking into those areas, I'll get in contact. Thanks
  27. Hi Mark - I know it's been some time since you posted your question, but did you have any luck? I am also researching an HMO strategy letting to those in need of supported housing for a fixed term contract I am based in London, but am location agnostic - this is entirely a yield play for me Keen to hear your thoughts/experiences of similar Thanks Fahd
  28. So my tenant served me notice on March 5th to say he would leave at the end of his 12 months lease on April 5th. I have new tenants lined up with a signed tenancy starting on April 9th. Due to Covid, he is now unable to fly home, move his stuff etc. and so is showing signs of refusing to leave. He should be able to find alternative accommodation but does not seem inclined to do so currently. This is a general situation, not specific to Covid, but made worse by it, what happens if an existing tenant is still in the property when a new tenant is due to move in? What process does one follow? Any advice gratefully received.
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