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About Mortgage_tom

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    Student HMOs
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    Student HMO Landlord and Mortgage Advisor

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  1. Your deposit funds will be lent to the company in the form of a directors loan.
  2. I would like to do what you are doing myself, I'm also approaching my 10th year as landlord & would like to travel a bit. But I dont want the hassle that would come with being non resident. I plan to deal with it the future by renting out a room in my residence to a lodger to help cover the mortgage & to only leave the country 3 months at a time. I think by doing it that way I'll make my life a lot simpler. Both from a mortgage point of view & having a UK bolt hole. Is this an option for you? (Although I need to buy another residence after selling my last one to fund further B2L hahaaa)
  3. You can appeal...but they are rarely successful. You either look for another house or try a different lender that uses a different surveyor. But it always a risk that the result will be similar.
  4. Has anyone risked getting a HMO property changed over to a water meter? Mine are currently not on meters and paying about £55 p/m. The gas and electric bills at the houses are reasonable, less than my own home. So as I always find it a lot cheaper to be on a water meter at my own home, it makes me wonder about the HMOs. As the HMOs dont have hose pipes watering a graden, they dont wash a car once a week or have baths. Only showers and the washing machine really use much water. Any thoughts?
  5. Your student loan should not impact you desire to purchase a buy to let. It does impact how much you can borrow to buy your own house, but not by a big amount. Your main problem is being a first time buyer and first time landlord. It hard to get your foot in the door to owning that first property.
  6. Sort answer - NO Long answer - If you where to do a joint venture LTD company with a UK based experienced landlord then possibly yes. If you already had a UK property then the answer would be different. So if you got a normal buy to let to begin with. Then in 6 months to a year you might then be eligible to purchase a HMO. But it is unfortunately a lot more complicated than that, will depend on how long you've been out of the uk, where, if you have a UK credit foot print, UK banking, what currency your paid in, etc.
  7. Thats a great post Richard, thanks.
  8. Not a lot as far as I can tell! Marketing and bookings only. Doesn’t include the day to day running, change overs, sheets, etc. I know another company that charges 15%. However, being new to holiday lets I don’t have the knowledge to judge which agency would provide the maximum return. No point being with the cheapest agency if your occupancy through them falls!
  9. Thanks guys. I got some clarity on the figures the agent charges 18% + VAT. I think Im going to go for it. The net returns are not as good as the typical student HMOs I go for. However, I need to diversify and I think there it probably more scope for capital growth with this property & it appears less risk (easier to sell on & could be let on an AST if need be).
  10. Have posted a few times about my journey and HMO experience, including wanting to diversify a bit. I’ve seen a flat for sale which is already being let on a holiday let basis. So, have figures for the previous year from the holiday letting agent. Gross figures are fantastic! Flat is asking price £167k, gross income is £19k for last year. But the agent fees and agent VAT fees are a massive 27% Anyone got experience in this field and know the going rates? Once you add in change over costs it starts to loose appeal......
  11. Hi, I invest in HMOs in North Wales. Drop me line if you want my opinion on any possibles you have seen.
  12. If you dont own your own home or any other property then Im afraid you going to struggle to get HMO mortgage. First time buyer and first time landlord, non owner occupier HMO mortgages are not available.
  13. Hi, I'm a mortgage broker and cant help myself going the extra mile, its in my dna. I'm available pretty much 24/7 and I'm also a landlord myself.
  14. A newly set up LTD company (SPV) special purpose vehicle is fine. Some buy to let lenders have a minimum income of £25k The biggest problem is your status as a first time buyer when combined with a LTD company.
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