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About ChrisPBacon

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  1. Well, I did ask for them to look at options compared to a Product Transfer with all fees taken into account, but I'm only realising it might not have been the best recommendation now....after I've signed the BM paperwork commiting to the £1,995 fee 😔
  2. Thanks @Scooby, @Adam Hosker and @Stuart Phillips for taking the time to reply! Some really detailed replies there, so very much appreciate the help and advice. Glad to know I'm not far off! 🙂 I think that's right Stuart? 🤔 In the top section, the fee is added to the loan purely to calculate the right monthly interest payments (not the total repaid). In the bottom section, the fee is added because it needs to be paid back somewhere. I think that's right! Oooh that sounds "interest"ing 😆 The fees are added to the interest-only loan at the start, so I
  3. I'd like to consider myself a reasonably experienced BTL investor and I'm looking at options to remortgage one of my properties. The advice from my mortgage advisor (who's well respected in property circles) is to switch to a new lender for a cheaper rate, but incur the lender fees and conveyancing. When I look at the total costs, I'm convinced it's not the cheapest option. Am I looking at this the wrong way? (Below and attached) https://docs.google.com/spreadsheets/d/1vHIAclIqjcXFTHp8I0DNGoL6Fdq2IXOed9Kwi2xXYLU/edit?usp=sharing I think if I was paying £2.5k in fees every 2
  4. Hi Peter, An ISA's a good idea - I hadn't thought of that. I'm not using my ISA allowance at the moment, but plan to when the IFISAs are available. It would buy some me time until I sort something more permanent. You're right about the 18 year old with £100k, I was hoping to arrange my own controls so I could release funds when I (or another sensible nominated adult) decide. I have friends who inherited money at 18, 21 and even 25 and I don't think there's any of it left Cheers, Chris
  5. I'm currently using these P2P platforms. All but Zopa are new to me over last few months so there's only a small amount in each as I learn the ropes & risks: Rebuilding Society Saving Stream FundingSecure Assetz ABLRate JustUs.co (waiting for re-launch) Bridgecrowd Zopa (Researched via p2pindependentforum.com) I plan to spread across platforms, then within each platform spread the funds between loans. I let you know how that works out! How did you find those investments Rob? Just private JV's? (I did stumble across Lendswift on my travels)
  6. Not property related, but there are some smart brains in here that I’d like to pick if I may… Long-term investing for children: I’d like to put some money to work for a new family member. 30 year of smart investing + the wonder of compound interest could mount up to a lot. Better than more toys & clothes. The contrarian in me does not want to follow the herd; Junior ISA’s at 3% won’t cut it for me. The fees to set up & administer a proper Trust fund would kill any returns (I think). I’d like the freedom to invest wherever is best at the time (which would be well-diversified P2P
  7. Great post Andy. Great to see refurbishment being covered on The Hub too, as I know it's an area Rob & Rob don't do themselves. More posts like this please! I've just got house project number 3 about to go on the market (the first being my own home, after which the refurb bug bit!). This project swallowed me whole - 50 miles away from home in rural Cumbria, no suppliers/merchants nearby, and a limited choice of tradesmen who like to go at their own pace - but your project eclipses it in terms of commitment! Well done! Mine has run 1st Feb til 1st June and taken 250 hours of my own
  8. I do: Zopa, 5% - instant access (in case of emergency) Funding circle, up to 8% - instant access (in case of emergency) A mortgage current account (similar to offset mortgage) = instant cheap bridging without setup costs, I keep my property project funds here Various other bits & bobs A £5,000k overdraft left over from student days for other emergencies (albeit at a £15% rate!) but that's instantly available cash A backup credit card with a chunky limit It's worth mentioning that the cost of any money that you borrow out of your resi offset to fund a project (i.e. for bridging money befor
  9. It was a scorcher of a weekend! Great to meet you all and I'll definitely come for another. Pie butties next time, with gravy!
  10. I'm planing to be there, along with a friend from crowdmortgage.co.uk
  11. What's the old saying "If you want to go fast, go alone. If you want to go far, go together" ? I think a good support network can really motivate and get you through tough times, property investing can be a lonely place. However, I'd only be going into this sort of relationship with friends if there was a very clear definition on who was the ultimate decision maker. 50/50 (or 33/33/33...and a bit leftover!) in business never works in my experience; the deadlocks and disagreements that inevitably arise prevent progress. There needs to be a project 'owner' I've a very close friend who's
  12. Also try: www.toogoods.co.uk www.loricainsurance.com I've had insurance from both of those, Toogoods order a discount to LNPG members. Cheers, Chris
  13. This article from Iain Wallis recently was interesting: http://iainwallis.com/property-tax/happy-valentines-day I went to a talk by Kevin Green and a question was asked about protecting one's investment properties from a potential future messy divorce, where the investments have been purchased by one partner only (the second partner did not contribute). I'm pretty sure he said having one name on the deeds would suffice, which surprised me as I wouldn't expect that to fly in a breakup.
  14. Hi Richard, Thanks for taking the time to put together such an informative reply! That's really very helpful, thank you. Yes I agree with you on that one, I'll drop you a PM as any help on DD approach would be brilliant....I'm starting with a blank sheet at the moment. I guess it would depend on the level of discount & condition. If it needs a refurb I'll be managing that but so it needs to be fairly close, but if it's at a cracking discount and just needs a lick of paint it could be fairly far away I guess. Thanks again for the tips, Chris
  15. Hey everyone, I was reading a thread elsewhere about property sourcers (not sorcerers! ) and I'm intrigued by how they can add value. I don't fully understand what they do, but in my own mind ideally I want a sourcer to: Find an off the the market opportunity (I can hunt through Rightmove myself thanks) An opportunity where paying cash will get a decent discount (Could I expect 20% BMV?) I'm happy with a refurb project I'd like the deal to be within an hour of where I live For the sourcer to have a survey prove the pre-refurb value/BMV to help with refinancing my cash out, and an indi
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