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Mortgage_tom

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About Mortgage_tom

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  1. Perhaps not what you want to hear, but why not find another property that doesn’t have issues? The report is saying it has a potential issue, your broker is telling you that this will cause issues with mortgage lenders. The broker & this report are trying to protect you from buying a potential problem property. The property needs a fire inspection as recommended in the report. The seller should get this done really if they want to sell the property. Its possible the only reason they haven’t is because they know the answer is going to be negative and impact the potential sale even more.
  2. I was googling this the other day, as an auction property I was looking at had the same problem. I was supprised to see people saying it only cost about £700 to get connected if gas was already on the street. But it was time consuming to sort out, one company fits the pipe then another company is responsible for fitting the meter. The meter in free. I dont know how accurate my research is but I thought it was going to be cheaper than I first thought.
  3. Ive checked some of my notes on the subject. Minimum property values typically are £50k to £100k Minimum loans amounts are typically around £25k with some exceptions that will lend less. For HMO's & LTD SPV the above figures are higher.
  4. The property looks fantastic! A very quick look at other properties sold and there looks to be good evidence to support your asking price. Its only been on the market 2 months. I dont know your area, but it seams way to early to panic and drop the price. It looks like next door recently sold for £260k, cant find any pictures or details of that though. If you keep it as a buy to let and remortgage. I suspect its the lenders rental stress test that will limit the amount you can borrow, rather than the LTV. So how much you can borrow will depend on what it could be rented for. oh & you should speak to a solictor to see what stamp duty implications there are of buying your partner out.
  5. I feel your pain Steve. Unfortunately its not uncommon to have problems with property valuations. For every property I have bought, Ive probably had at least one fall through. A lot fo time it due to the valuation, sometimes you can try again with another lender but its a big risk that you'll waste more time and get the same result. If you pm me a link to the property on rightmove I'll have a look and see if I can work out what the lender didnt like about it.
  6. Would you move in to the house with your mother?
  7. I’m looking to add to my student HMO portfolio & after a few non starters in the area I usually invest for various reasons (N Wales). I’m interested in looking at some HMO's in Salford. I’m pretty nervous about investing in a new area I know little about…for obvious reasons. Budget is around £190k and usually try to get a minimum yield of 9%. Will be looking to buy something already running as a HMO. My questions are: Is a 9% yield and purchase price of around £190k achievable in Salford? Can someone recommend which areas are the most popular with students? Does Salford uni have its own student accommodation website that private landlords can advertise on? Any pointers or info on what planning & licencing practices are in the area? What the weekly going rate inc bills for an average non on suite double room?
  8. They have some good criteria, e.g. large HMO's are acceptable. The rates are pretty good for this space as well. I have used them for one large HMO and they were okay.
  9. I dont have first hand experiance with Scotland and LTD. However, these do SPV LTD & offer mortgages in Scotland. Not sure if they do Ltd in Scotland though. The Mortgage Works, The Mortgage Lender & Kensington oh & legal fee does seam high, would expect from £800 to £1500
  10. Hi Henry, I know very little about South Wales sorry.
  11. Your deposit funds will be lent to the company in the form of a directors loan.
  12. 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)
  13. 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.
  14. 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?
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