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  • Location
    Glasgow, Scotland
  • Areas I invest in
    Glasgow, Leeds, Liverpool

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Murray D's Achievements

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  1. Thanks for the update Stuart. Very helpful.
  2. Hello, It is my understanding there are limited options for 75% LTV on personal BTL mortgages. TMW being one of the lenders. BM Solutions are still at 60% LTV. What options might you have at 75% LTV?
  3. I’d be surprised if there wasn’t a delay in the housing market bouncing back, there will surely be people who have lost, or will lose their jobs, and those that have had to use their savings for a house, to survive. People’s confidence will be low, and making a massive purchase will perhaps be the last thing on their mind. In addition, I imagine there are more than a few properties that will have already been sat on the market before lockdown, that have just had another three months on inactivity added on. I would imagine they will be eager to sell.
  4. Hi, Thanks for your input guys, Ive been told the same thing by my broker regards valuations being restricted and products with higher LTV being removed from the market so it's comforting to see some people echoing the difficulties with lenders at the moment. Im told that in some instances the market has dipped by around 10% so perhaps when lending becomes available again there will be some BMV units that people are eager to sell after having such a period of inactivity.
  5. Yes that’s kind of what I figured. That cash would be the first choice. Problem with the bridge is if I struggle to get a mortgage then I’ll be stuck on the bridge which could end up expensive...even more so if it stays empty as it seems people aren’t looking to move home just now. I’m aware I’m listing the worst case scenarios
  6. That’s good news Onkar, I’ve been told that you can get lending on 60% LTV so perhaps my email was a bit misleading have you found lending at higher LTV? I’m not a ltd company so perhaps that’s the difference
  7. Hello, With the economy ground to a halt, it looks like banks are currently a closed shop for BTL products. At a time when there are potentially bargains to be had in the property market - how is everyone intending (or currently) getting finance to make the purchases? I am toying with the idea of a bridge until it calms down but seems risky, and I dont currently have enough to buy cash unless I max out credit cards, loans and borrow from friends and family and then pay them back when I remortgage. I could refinance my home, but im years away from my current product end date and it appears that values are down considerably. Id be interested to hear peoples thoughts
  8. Hi, Thanks for the response. I think that my understanding of it was correct. I assume that when you say "extra mortgage on top of what you already owe" you mean against your residential property or property you already have a mortgage on?
  9. Hi, What is advance borrowing? I think I may know what it is but would you mind explaining how it works? Thanks Murray
  10. Thanks - we are looking to move it to a BTL deal. Ive spoken to a mortage broker who seems happy there is enough equity in the proprty now to allow us to move to a 75 ltv deal without investing anymore capital. They are interest in my wife's income and also credit - I can only assume that becasue we are moving to a new lender?
  11. I just wondered if anyone on here ended up buying one of the Deansgate Sq developments that went live this week? I was quite taken with the sales pitch but sadly had left it all too late to really think about how i'd get the cash together. Keep kicking myself that Ive missed something special. I just wanted to gauge thoughts from other people that were interested in it. Did you buy and if not, why not? Im sure R+R would appreciate some healthy discussion on their flagship development for Property Hub Invest. Having been working around where the development is being built for the last weeks, there is a lot of building going on and it feels quite exciting. Perhaps this means that despite missing out on Deansgate, there will be other opportunities with developments popping up nearby, that might even benefit from the proximity to Deansgate Square
  12. Excuse my ignorance on this topic but despite renting flats for a few years, I am only now getting into the insurance side of things. I have always had building insurance but what is landlords insurance for exactly?
  13. We havent really made any progress yet. Unfortunately we have now lapsed on to the variable rate so decisions have to be made soon. Annoyingly I am inbetween contracts with my work and my wife is only working p/t so might be tough to remortgage. Either wait til I get a new contract which will hopefully be soon, or my accounts get filed for my second year self employed and I can approach more lenders with that evidence of earnings. There is the chance that there is enough equity in the property already to avoid us having to put more cash in to reach the required 20-25% BTL desposit but I think the lenders would still want to know we have the income/earnings to support it. TBH this really shld have been handled a long time ago but we just buried our heads in the sand as we werent sure how the lender would react. I guess in retrospect honesty is the best policy and we shouldve have tackled it head on.
  14. Thanks for your reply. I think you are right. Cards on the table might just be the best approach. I’m sure the bank will rather keep us as a customer than potentially lose us because of a change in circumstances. I’ll maybe have a chat with a mortgage broker first to pick their brains about our options before going to the bank
  15. Hey Thanks for getting back. Im not a RLA member but ill have a look at the two links. I wouldnt want to keep the mattress tbh, as clean as it looks I dont think anyone would want to sleep on it! That's good about the curtains although to be fair they are pretty old and dusty so would ideally go but the tenant has not long moved here so anythigng is better than nothing at this stage
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