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James Preen

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About James Preen

  • Rank
    Newbie

Profile Information

  • Location
    Southsea
  • Areas I invest in
    Southsea
  1. Interesting read, I'm considering HMOs in the future but want to start with a few professional lets first. Also, in my city (Portsmouth, UK) you require C4 planning permission which doesn't seem to be particularly easy to get unless the property already has it.
  2. I'd also be interested in something like that.
  3. I don't think it's going to be too much of an issue with this property as its a flat and doesn't need that much doing, I'd just like to update it a bit to try and get some good tenants and slightly higher rent. However, I have been looking at properties that are currently rentable but I'd like to do more work to them before letting them (maybe 3 or 4 months work). Hopefully there are BTL mortgages out there that will allow me to do that without going down the bridging route.
  4. Interesting stats but it's almost impossible to fairly compare average rent and mortgage payments as there are so many variables with mortgages that drastically affect the mortgage payment amount (deposit, interest rate, length of term, interest only or repayment, etc.)
  5. That's what I thought, it may be different if I was going to take 6 months doing the work but it should only take me 2 months. So is this 30 day rule not something that anyone else has come across? I ask because I'm looking at getting another property after this one and was hoping to do a bit more work which could take 3 or 4 months. According to my broker the 30 day rule is fairly standard with most BTL lenders.
  6. I'm not actually sure, I think it meant actually let but it does seem a bit unrealistic. Maybe it's something they just put in the small print but don't actually enforce (that's what I'm hoping anyway). I was thinking that I'd try and get the new kitchen and bathroom in asap so I can take some photos and start marketing it before the rest is finished.
  7. Thanks for your message. I think he was trying to avoid going down the light refurb route as the interest rates would not be as good. Are there many BTL mortgages that allow for light refurbishment? I thought if the property needs work I’d have to get a bridging loan and then flip it onto a BTL mortgage after 6 months which I’d rather not do due to the amount of fees I’d end up paying.
  8. Hi there, I’m in the process of buying my first BTL property. I plan to do a bit of work to the property (new kitchen, bathroom, decoration, etc.) before letting it which should take about 2 months. However my mortgage broker has mentioned that the BTL mortgage lender states that the property must be let within 30 days of completion. He said that this is a fairly typical condition for a BTL mortgage. Is this something anyone else has come across? Is it something that’s actually going to be enforced? Thanks in advance for any help. James
  9. Hi, I'm looking to get a bridging loan for a property development project. I was wondering if anyone could recommend a decent broker that specialises in bridging loans for property development? Thanks, James
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