Jump to content

Jessica Harrison

New Member
  • Content Count

    17
  • Joined

  • Last visited

About Jessica Harrison

  • Rank
    Established member

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Speak to a mortgage broker. BTL mortgages are not regulated products but a mortgage broker can still access far more choice then you are likely to find direct. First time landlords are not necessarily a problem to lenders but you need to know the lenders to approach and the products available will depend on various factors including whether you earn over £25k per annum yourself from your employment or not (some lenders require this irrelevant of rental income), whether you are a homeowner or a first time buyer, the rental income, the location of the property, the value of the property (some le
  2. Most auction houses offer a pre-auction bid option. Your solicitor should review the legal pack in full and make any enquiries asap and then you are usually given the option to view the property and can then make a pre-auction bid. Many of our clients have recently lost out on auction properties that have been sold prior to the auction date via pre-auction bids but we are still seeing the sale prices exceed the guide price as demand is high (specifically most of our clients interest surrounds properties in need of substantial refurbishment so I cannot comment on whether the same demand and hig
  3. One thing to remember is if you are buying the BTL with cash and then intend to refinance it onto a BTL mortgage remember most lenders will require you to have owned the property (and it to have been let) for a minimum period of 6 months before they will consider refinancing it.
  4. You would need to have full planning permission in place for the property you wish to build. Self-build mortgages are based on your earned income multiples in much the same way as a normal owner occupier residential mortgage is calculated so your income will need to warrant the borrowing. Planning permission will be required for any redevelopment. Drawings, plans, elevations and planning documents, development costs breakdown and GDV (gross development value) will all be required for a self-build finance product to be considered and calculated. It is possible to speak to a regulated mortgage b
  5. I would suggest you speak to a regulated mortgage broker. The additional amount you can borrow on your home will depend entirely on income multiples and will also put your home at risk however should you still decide after that consideration (and your income allow) to borrow additional money against your home, you may be able to do so via a further advance with your existing lender which will likely save you time and money (assuming they will accept the loan purposes - some do not allow investment in other property to be the use for additional release of funds). If you already have a deposit a
  6. There are short term lenders that will lend against purchase and refurbishment with immediate sale as the exit. You will always be required to invest in the purchase yourself but some lenders will then lend you 100% of the refurbishment costs. As a general idea you can get between 60 and 75% LTV (or purchase price whichever is lower) and up to 100% of the refurbishment costs. You can roll up interest so you do not need to make term repayments and then redeem the loan when the property sells but you will be tied to a loan term (usually minimum 3 months max 18 months). Most lenders will want exp
  7. Hi Nikki What type of funding/assistance is it you are requiring from the broker? Owner occupied residential mortgage assistance (ie: buying a property to live in yourself) or commercial funding (bridging/development/buy to let, etc) It's just by clarifying you may find you receive more feedback with recommendations. I hope this helps. Kind Regards Jessica Harrison Outstanding Growth Ltd Commercial Finance Brokers www.outstandinggrowth.com
  8. Dear Manjit Whilst HMO purchase can be a great decision for experienced operators please be aware the change in regulations that came into play on 1st October this year means you will need to ensure you meet all the new regulations (especially for such a large HMO). If you visit www.rics.org you will find details of the basic changes to regulations. If you meet the regulations funding is not a problem but it is far better to be aware of them before embarking on such a funding application as it may be better for you to consider purchasing a single or a couple of buy to let propertie
  9. In case it is helpful, our developer clients tend to have trusted builders visit the site and they are provided with as much relevant information as is possible to include planning documents, building regs, drawings, elevations, etc etc. This may differ if you are utilising your own funds to cover build costs or if you are building a property to live in yourself but from our perspective most of our developers have a couple of reliable builders that they circulate work to for each project so they already have an idea of how the particular builder works/timescales etc and most are paid in defaul
  10. Hi so I am assuming on your first property you have a buy to let mortgage? If you do not and it is just on a standard residential owner occupied mortgage you are letting it out informally without the lenders permission please be very careful as if you breach their terms of lending they can insist you repay them in full and failure to do so may put you at risk of repossession. If you have no deposit to purchase a second property you will not be able to buy one until you have raised a deposit as no lender will lend 100% of the money on a buy to let mortgage. The maximum loan to value on one woul
  11. Hi Dave Depending upon the LTV your existing mortgage is against your property, you can potentially raise a second charge against it (if your existing lender allows this) and you can either do this on a long term basis to run for a similar term to your first charge or if you are renovating your property to sell it you could raise a second charge on a short term basis and even roll up interest to avoid repayments until redemption of it at time of sale. It really depends what you want the funds for, how long for and how you plan to redeem any loan. I hope that helps somewhat. i
  12. Bridging finance can be extremely helpful if you require short term funds but wish to avoid monthly repayments as the interest can be rolled up (subject to loan to value) but due to the benefits it provides and the short terms for which it is required it is more expensive than long term mortgage lending. Essentially if you want to buy a property with the intention to refurbish or improve it and then sell or refinance it to let out, you will require a minimum of 20% as a deposit day one but realistically 30% deposit would be better (as the more you put down the cheaper the rates and the more pr
  13. Dear Charlotte I assume you are referring to a buy to let mortgage when you say he is looking to invest over here? If so then there are lenders that will help. If he holds a bank account in South Africa (assuming he resides there) with a main international bank such as HSBC he should be able to contact them and open an account in the UK if he explains why and that he is looking to purchase an investment property over here, the lender will simply want a UK account from which the direct debit monthly repayments are taken for the mortgage. He should then be able to provide bank statem
  14. Dear Roger I would also suggest a simply BTL to start. If you buy a property up north you can not only get more for your money but in a busy city such as Birmingham, Manchester or Liverpool you can easily let the property and still make a profit each month, build a record and potentially start building a portfolio if you find it is for you. You can borrow in your own name to start with or set up a limited company (but remember if you choose the latter you will also require a bank account for the company too). You can still potentially raise the profit the way you intended to or you
×
×
  • Create New...