Hi Ben, Yes, I'm afraid you will have to foot the ERC's and repay the mortgage or get a consent to let.

Hi Folks, We've just produced a short guide to help raise awareness of the new PRA underwriting standards and the recent BTL tax reforms. Link below, hope it's useful. http://hollybeckfinance.co.uk/wp-content/uploads/2017/09/Landlord-Tax-PRA-Changes-Guide.pdf

You have perhaps spoken to brokers who aren't whole of market and who mainly handle mainstream mortgages. The fact that you are paid in American dollars and purchasing through a ltd company does complicate things and limits the number of lenders. A lot of brokers want clean-cut cases that are easy to process and often won't have access to the specialist lenders that will be able to help you Craig.

Hi Cybercreature, As far as I am aware there is no lender that will give you a mortgage unless you have some form of regular income stream. If you currently have an investment portfolio and receive a regular income from it there are a limited number of lenders who would be able to look at your case. Tim

Hi Craig, If you would like me to take a look at this for you please message me. I'll take a few more details and do a little research into what your options are. Best regards, Tim

I have contacts at a couple of international banks that may be able to help. If you message me with your email address Evie I'll send a data capture form over. Once I have a bit more info I'll have some conversations to see if they can assist.

Yes, you'll still be looking at an expat BTL even with the cash deposit. Many vendors/estate agents will only take an offer seriously when a property dependant on purchase has been sold STC. If the rate you will be paying isn't a crucial factor then you may be well placed to arrange an expat deal with a UK lender whilst you are here.

Hi Sophia, If your lending requirements are complex and adverse credit is involved it may well require more work on the part of the broker to determine if you are even eligible for a mortgage. Personally, if I have complicated adverse I will charge part of my broker fee upfront whereas I normally only invoice on application and receipt of mortgage offer. I've learnt from experience that you can do a lot of research and groundwork for a client upfront only to find that there isn't a lending product that fits. This being said, I'm always happy to do a little work from the outset before charging any fee to get a reasonable idea of whether I am going to be able to help. I wouldn't feel comfortable taking payment without even looking at a case first. Everyone works diferently though so it's a case of finding a broker who's fee structure you are happy with. Oh, and don't be untrusting of brokers just because they attend property conferences. I attend them myself as a prospective investor but also to find prospective clients and I'm a nice guy...honestly! Tim

Hi Claire, I was going to respond but Stuart has summed it up perfectly. This is the type of work you are paying your adviser to do. If they aren't, find another adviser.

Hi Evie, I'm assuming the £110K deposit you refer to would come from the sale of your existing UK property? You won't be able to get a BTL mortgage on your proposed purchase unless you can put down around 25% of the purchase price as deposit, so unless you are able to do this without selling the UK property it isn't an option for you. Another consideration is because you are an expat and would be renting the property out you would need an expat BTL mortgage. This will limit your options and invariably see you paying a higher interest rate. If you wait until you have moved back to the UK permanently, then sell your UK house and purchase a new home you will be able to take a standard residential mortgage and have a healthy deposit that will open up a great range of lenders offering some cracking interest rates. However, this would be dependant on you finding employment once back in the UK or having an income stream from another source. Of course, if you have your heart set on a particular house you may not want to delay. In this case, you are looking at an expat deal. As an alternative though, you could look at re-mortgaging your Australian or combination of your UK and Australian property in order to buy the new house outright. Just a thought. Hope this helps, Tim

Hi Yared, I see from your other posts that you are considering a HMO purchase. If you want to message me with your email address I'll send you over a data capture form that will enable me to get a better idea of what you are wanting to achieve and your loan requirements. I'll then be able to give you some initial guidence or if I can't help you I can point you in the direction of someone who can. Tim

Thanks Rachel, I'll drop you an email.

Hi Folks, I have had an enquiry from a lady who is doing a barn conversion and her builder has advised her to get a 'progressive building insurance policy' where the level of cover increases as the build progresses. I must admit that I haven't come accross this type of policy before but I said I'd ask around and point her in the right direction if I can. Can anyone recommend a broker/insurer? Thanks, Tim

Hi Vitaliy, I have just replied to Margot on her post regarding the same issue so I'll copy and paste my reply here. In cases like this it’s all about understanding the specifics. Whenever I come across problematic cases I always try to talk with surveyors directly to gain a thorough understanding of exactly what the issues are. Armed with this information I am then in a better position to talk with lenders and establish if the case will fit their criteria. Do you know the specific issues surrounding this development? If you are struggling to put a mortgage in place others will invariably face the same obstacles. Are the developers aware of the issues? If potential buyers can’t raise finance they will struggle to sell any houses so I would be having a conversation with them to see if modifications can be made to the proposed development to bring it in line with lenders criteria. Keep us posted on how this plays out and I hope it's a good result. Tim

Sorry to hear you are having these problems Margot. I should imagine it is very demoralising as a new investor and not the start any of us hope for. In cases like this it’s all about understanding the specifics. Whenever I come across problematic cases I always try to talk with surveyors directly to gain a thorough understanding of exactly what the issues are. Armed with this information I am then in a better position to talk with lenders and establish if the case will fit their criteria. Do you know the specific issues surrounding this development? If you are struggling to put a mortgage in place others will invariably face the same obstacles. Are the developers aware of the issues? If potential buyers can’t raise finance they will struggle to sell any houses so I would be having a conversation with them to see if modifications can be made to the proposed development to bring it in line with lenders criteria. Let me know how you get on Margot and I’m keeping my fingers crossed that it’s a positive outcome for you. Tim