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eamonheggarty

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About eamonheggarty

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  1. @ayns Overall value was £150k. Offer accepted at £128k after a few offers i put in had been rejected. How is your searches going in Nottingham? Are you still as optimistic? I believe the conveyancing process is going to take 8-12 weeks instead of the usual 4-6 week, but i believe this is also a good opportunity to review the investment and market but as the price i paid is great im hoping to go through to the end of the process. I believe 8-12 weeks is when we will see some people back to work and builders/sole traders who need some money/side work to keep them going will take advantage of this and the renovation process i intend to complete will hopefully have little restrictions on the access/working. Let me know if you get anything in this period of time. Interested to see how you get on. Eamon
  2. Currently just got an offer accepted at £22k below Home Report Value (City centre Glasgow, Scotland). Essentially nothing goes below home report value so i can only put it down to COV-19 and a motivated seller. As long as you buy at the right price then you're eliminating/reducing the risk. If you don't ask you don't get and its certainty time to start asking.
  3. Hi all, Has anyone came across a "trust" set up? My accountant confirmed he can run my personal BTL through my company accounts without the need to sell the property to the company and the deed etc is still under my personal name. This is done by using a "trust" document. Im currently purchasing my 2nd BTL this way too...buy it under my personal name, not through my company and set up a "trust". Seems like a simple and less expensive way to run a company. Any positives / negatives that come to mind and does anyone else use this technique? Eamon
  4. Stuart, Think you got me wrong. Ive accepted and complete the mortgage 2 weeks ago which fell under the 0.75%BBR. I was just wondering if there was some sort of cooling off period for banks and could this accepted remortgage be revisited within a certain period so i can essentially get a new mortgage which would reflect the current situations 0.25% BBR.
  5. Hi All, Refinanced my property and got a 5 year fixed mortgage at the 0.75% Bank of england base rate just 2 weeks ago. Does anyone know if banks would revisit the mortgage and drop it in line with the new 0.25% Base rate change? Thanks Eamon
  6. Hi All. Just looking to see what people would do if they were in the same position. Refinancing my B1 Birmingham city centre flat. Refinancing at a year 5 fix lets me release an extra £10k. Only down side is im tied in for an extra 3 years and the interest rate is 2.11% instead of 1.99%. This would then cancel out my option of anther refinance in 2/3 years time when i believe the market will be flying. What would YOU do? Eamon
  7. @Adam Hosker Thanks for the reply. Yeah just under 75% LTV (72% LTV) plus free val and £300 cashback. 1.69% Santander tracker true cost over the next 24months is more than the BM Solutions due to the £1759 fees in total. 2 year fix is a great idea. Will look into that but the "true Costs" BM solution seem to be the winner.
  8. Lender - BM Solutions Product - EVG BTL 2 Year BBR plus 1.51% Tracker then BBR plus 4.34% for Term Remortgage Only Initial Rate - 2.26 % (Tracker, 1.51 % above Bank of England Base Interest Rate) Initial Monthly Payment £ 229.76 Set Up Fees - £0 (£0 to broker and £0 to bank) Note: -Pulling 40k out and after the next 24 months i hope to Re-finance again as the rate will be at 4.34% on the 25th month. - Can go Fixed for 5 years but plan to refinance again within the next 5 too. Thanks
  9. Hi All. Any recommendation for a great letting/management agent? Thanks Eamon
  10. Yep crystal clear. Obviously a downside on fixed is not being able to access funds from the property again for 5 years vs being able to access funds but initially not being able to remortage the maxium amount.
  11. Hi All, In the middle of remortgaging my BTL and the broker came back to me staying he could get me 33K Additional borrowing with the Life time variable rate or 40K+ with a 5 Year fixed. (FYI 40K additional would still leave me around 30% LTV). Why would banks be willing to lend more on the 5 year fixed vs the Variable rate and what are the drawbacks from this vs each other. Thanks Eamon
  12. Hi All, In the middle of remortgaging my BTL and the broker came back to me staying he could get me 33K Additional borrowing with the Life time variable rate or 40K+ with a 5 Year fixed. (FYI 40K additional would still leave me around 30% LTV). Why would banks be willing to lend more on the 5 year fixed vs the Variable rate and what are the drawbacks from this vs each other. Thanks Eamon
  13. Thanks for the feedback again. She finally got back to me today after 2 weeks no response, apparently only holiday. Still very strange. She lived in OZ for 6 years so was a custom to paying 6 months to a 12 months in advance, so i dont believe it was a massive warning sign (similar to dubai when i lived there). Hopefully all is good now but thanks again for the quick responses and options on what could be done @richard brown @dennis hughes @ben sewell
  14. Anyone ever experienced this before? Current tenants leaving and handing over the keys to my new tenant in 5 days however my new tenant (who had paid 6 months in advance) has went AWOL and both her numbers dont work, whatsapp picture gone, non responsive to emails etc. What would you do if your tenant had paid for 6 months rent and didnt show up to actually live in it? Eamon
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