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dino v

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About dino v

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    Established member

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  • Location
  • Areas I invest in
    The north west
  • About me
    Working full time, but looking to be able to retire at 55. Whether I do or not is up to me, I just want to be able to.
    Owner of Lynn Properties.
  • Property investment interests
    Single lets to date. First refurb going through at the moment, so looking forward to seeing how that goes
  • My goals
    Financial freedom 1st (by 2022), then equal salary by 2027.
    Then retirement, or maybe full time set the family up long-term. Who knows.
  • Interests outside property
    Personal finance, football. Oh and the family.

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  1. We've taken out two ltd company BTL mortgages in the last 12 months and the fees were £600 and £400. For the 2nd one, I'd had a quote of £400 from the original broker which was priced matched by another. It's only checking to post this that I've realised that the amount had dropped, so I suspect for the 2nd quote they had sent me the personal rate by mistake. So around £600 if a straight BTL (not HMO etc)
  2. Try an app called Buy to Let. Basically an online broker, so gives you an idea what you can get. Remember, the products may not be right for your circumstances or may be difficult to get, that's what value a decent broker brings, but it gives an idea of rates and the amount you'll be paying each month
  3. I'd suggest posting in the Liverpool forum, as you may get more responses. Also, which bit of Liverpool, as agents usually only cover a small area. For conveyancing, doesn't matter where they are based. If you're getting a mortgage, you may need to use a solicitor on the lender's list. I'd recommend a solicitor close to you, if you can find one. Doesn't really matter, but does mean you can pop in with ID etc, rather than having to find someone who sign them
  4. Listen to this week's podcast. You may be eligible, although the rate might not be great
  5. You don't need your own property, but mortgage choices will be more limited. Depends what your goals are and the area you want to live in and invest in. Your own home is free from any capital gains, so you could always look for a home that you could add value to (refurb etc) which would be an easy way to increase your equity, using a 5-10% deposit and the rest of your savings for works. You couldn't remortgage until the deal was up, so choose a mortgage carefully. As I say, location is important, so around Manchester (where I'm based) you can easily buy a decent 2 bed terrace for c£100k, so you could afford your own deposit and a BTL deposit with your savings and probably have £5k left for some works. If you're in London, you're probably looking at a cardboard box
  6. If you go with a 5 year product, you're going to be locked into it for that time and if you want to do something, you're going to be faced with early redemption charges. You'll also be unpopular with the mortgage company which could impact on options going forwards. Your broker will be able to tell you what the charges are but discuss your thoughts with them and they can advise if there's a suitable product with some flexibility. You could always look to the 75% option that allows overpayments, so you can pay it down towards 60% initially and then just pay the interest if you find something else you'd want to buy, meaning you'll still have a deposit.
  7. I'm going to disagree with Julia slightly here - I've got one property I've never seen and another I saw the day I collected the keys and dropped them at the letting agent..And I've done minimal works on the other 2 (cleaned and tiled a kitchen in one and delivered a carbon monoxide detector to the other). Yes, if you want to be a landlord, collecting rent and changing lightbulbs, that isn't going to fit with the lifestyle you suggest, but you can be an investor. Just knock 12% off your rent for management and another 10% for voids/maintenance and you'll be about right. In terms of what to do, I'd suggest getting a bit clearer on your goals, including those longer term than just your travelling - when you come back to the UK, will you need that money for a deposit on a house, if so property could be a very good or very bad investment depending on timing, but shouldn't be considered as a short term (<5 year) option. I'd suggest having a look through some of the university courses on here as a starting point. In terms of a mortgage, speak to a broker and they will tell you what's possible in your situation. You could always go down the cash purchase route if necessary, but maybe look to a cheaper area - you can find good houses for £50-60k that will pay £400+pm which would give you the landlord experience, allowing you to then remortgage at a later date. Alternatively, stick the money in a tracker fund (use ISA allowances as you can) and with a 4% withdrawal rate, you could take £450pm with minimal impact on the capital and it'll be much more liquid when you need it.
  8. If you're living in your home for more than 2 years, then I don't think it's classed as income. Less than that and they would get suspicious, although not if you declare it. So depends how long you're staying, but you may not need it as income for finance as long as you have other income sources - listen to today's podcast on mortgages which covers that
  9. Would have thought screwing directly to the brick could cause issues in getting the walls plumb (if the brickwork is anything like our house) but could also cause an issue with damp /condensation transferring to the plasterboard from the colder brick. I'd suggest dot and dab or battens to create a small gap for air flow
  10. I wouldn't say £89/month was steep. For non-new build city centre stuff at this sort of price, I seem to find the ground rent plus service charge is around £100/month (as I'm interested in the total deduction) with the ground rent usually being around £100/year. For the city centre flats, service charges seen to start around £90/month and then increase depending on facilities provided.
  11. Can't advise you on Leeds, as a long time since I was a student there and no idea what your money will get you. What I would say is be clear what you want out of it - a 1or 2 bed apartment is likely to give you different things than a terrace at a similar value. Both can be good, if they are delivering what you want for your goals or alternatively either can distract you from what you want.
  12. Probably too late, but anything I've seen on their training has been very negative - do a search on YouTube Book's good and nowhere in there does it tell you to give your money to others.
  13. This will very much depend on terms of the lease, however, there may be an opportunity to let the parking space our separately from the flat if it's close to offices etc. If that's allowed, work out the rate you'd get and add that to the no parking flat and see if it makes a difference. You could then advertise the flat with or without the space. If not allowed, consider who you're targeting with the flat. If it's likely to be younger, single people who want to live in/near the centre for nights out etc, they probably won't pay much extra for the space, although you will get shorter voids as you can attract those who need one as well and if someone moves in with a car, they may struggle to find somewhere to move out to unless they move out of the city centre If you can cover the additional service charge, I'd probably go for the one with the space - it's value will rise proportionally, it'll be easier to rent out and the rent will be a little higher. In addition, it's only costing you £2.5k + 3% SDLT, assuming you've got a mortgage, so less than £10pm in interest. Add on the service charge and it's probably costing you an extra £25-30 per month but you're making an extra £50, so less voids and more cashflow.
  14. I don't know about the rules in Scotland, although you could always do it in England, if you've got time to learn the areas. You're right in that you're going to struggle for funds - if you're buying, you've got solicitor fees and stamp duty before you even get to a deposit, so you probably need to £15-20k for the cheapest sorts of properties. There's a few things you could look to do, with varying degrees or risk and knowledge required.: Do sourcing - that's where you find a great deal and the sell it on to an investor for probably £2-5k. You don't own any of the properties, but you do get to build up relationships with estate agents for when you've got the money and do say 5 deals over the next year and you should have your deposit. You do need to be registered and insured and you may struggle to build the investor relationship where you've no history or experience in property. But, find a good deal and someone will buy it, even if you have to charge a bit less for the first few. Lease option agreement. This is where you agree to purchase the property in a few years time. In the meantime, you pay some rent to the existing owner and take control of the property to be able to rent it out to others. Works best for an HMO where you can rent it out for a lot more than the standard rent. At the end of the term, you have the option to buy it for whatever price you've agreed, however, it can be tricky to get a mortgage, but you can just sell the lease on - say you've agreed to buy it for £100k and it's worth £130k at the end of the lease, someone would pay you £5k to take over the option and you've had the rent profits in the meantime. Finally, rent to rent or rent to service accommodation. This is where you rent the property then turn it into something else, so either an HMO or serviced accommodation/holiday let. You'll need to pay a deposit, some initial rent and buy furniture etc, but should be possible for the £10k you've got. You just need to be sure you'll earn more than that back, as you have no asset at the end of the rental agreement. There's also a lot of complexity in terms of leases and mortgages, so look into it carefully. Works very well in city centres - I used to stay around Atlantic Quay a lot for work and often stayed in serviced accomodation in a flat there, as it was cheaper than the hotels and a lot nicer, especially if there for more than one night. Glasgow hotels were often busy and prices often very expensive with various events on, regular football and then overspill from the Edinburgh festival in summer. Spend you're time looking into the options, read some books, do some online free courses (loads on here), find some property networking events to attend, especially if you want to do sourcing. And whatever you do, don't spend the money you've got on a training course that'll make you financially free in a few months
  15. There's an app called Buy To Let that shows you a number of deals, so is useful for baselining costs for a deal, although there's still a charge if you go through with it. Aldermore do ltd company products direct, although I've never used them. If suggest speaking to a broker to make sure you understand what you're trying to do and what the best products therefore are.
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