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About richard_pia

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  1. Yes, if the property was originally purchased as a BTL there shouldn't be any problem with remortgaging it onto a residential mortgage. You would of course need to meet the lender's affordability requirements, based on your income and outgoings, as you'd no longer be able to use rental income to service the mortgage. Just be wary that if a first time buyer AND first time landlord, your mortgage options will be somewhat limited if buying initially as a BTL. Like Stuart said above, for the other way round getting consent to let is usually pretty straightforward. Some lenders may requir
  2. I have posted on this before and have done a fair bit of business for BTL clients with no income. The fact that you own your own main residence is a big help. There is at least 1 other lender I am aware of that will not include the Ltd company owned BTL properties in the portfolio. This is a high street lender offering far more competitive rates than Kensington.
  3. I wouldn't say it is "usual" practice to charge a fee upfront. Many brokers offer a free initial consultation and may only charge a fee upon mortgage offer or mortgage completion. A good broker should be familiar with their lenders' criteria so even though you have lived in Australia and are self-employed it shouldn't be too difficult to identify the right lender. I wouldn't say your circumstances warrant charging an upfront free if a broker doesn't normally do so. Regards, Richard
  4. I should add: it's a bit further out, but I know that Carntyne is becoming an increasingly popular area as well
  5. Hi, I am a Glasgow-based broker, but also live in the East End of the city. Clients of mine have had success in the Drygate and Dennistoun areas. Both are very close to Strathclyde uni so will always attract strong rental demand. Haghill could be included in this too. Plenty of schools, shops and good transport links around. You may also want to consider around parts of Glasgow Green, seems to be an up and coming area. Regards, Richard
  6. Seeing as you have the deposit already, I would suggest applying for the 2 BTL purchases initially. Before you do though it would be a good idea to identify a lender for the remortgage of your main residence, to ensure you meet criteria and affordability. It may even be possible to obtain a decision in principle without it affecting your credit report, as many lenders perform a 'soft search' only at DIP stage. A good broker would be able to provide guidance on this. If you were raising the deposit from your main residence then you would typically need to apply for the remortgage first. Th
  7. Hi Ellie, As a previous poster has mentioned it is possible to capital raise up to 95%, but it can depend on what you intend to use the funds for. Lenders generally tend to be quite flexible when the funds are for home improvements or purchasing BTL property. Most however cap their LTVs for these purposes at 85% or 90%. A £20k increase in property value over a year is quite a jump, so a lender will need to see justification for this increase, such as significant improvements to the property. Remortgage valuations do not always work out so favourably however. The LTV will always
  8. When I last enquired about such a case with Aldermore they applied at 60% max LTV for any flats above pubs/restaurants. Not sure if a cafe would be included in this, but you need to be careful what type of commercial premises are below.
  9. Hi Kane, Which lender are you with currently, if you don't mind me asking? It is more uncommon for a lender not to allow capital raising to fund BTL purchases. Most won't lend for business purposes, but BTL typically isn't considered to be a business, unless you are a professional property developer or suchlike. As suggested already, you may be best placed looking at the market as there should certainly be some options out there. Some lenders will allow capital raising for this purpose even up to 90% or 95% LTV. Regards, Richard
  10. Hi Artur, I am a mortgage broker based in Scotland (Glasgow), and I deal mostly with The Mortgage Works, Paragon Bank, Kensington and Precise Mortgages, for Limited Company BTL applications. Some others that can lend include Vida Homeloans, Masthaven, Bank of China and Together - typically these lenders are not as competitive on price. In terms of the solicitors fees you have been quoted, that sound very expensive, more than double what some of my existing clients have paid. I can only assume that either the quote includes LBTT, or your solicitor is not on the lender's approved panel mean
  11. No problem at all Mark. If you wish to PM your contact details to me I will ask the commercial broker to get in touch.
  12. Hi Liam, I believe you are allowed 2 lodgers (non-family members) residing in the property with you. Any more than this then the property would be classed as a HMO. Regards, Richard
  13. Hi Mark, Yes, there should certainly be options available for you. A joint mortgage with your GF may be the best option seeing as she is a UK national. I expect you will need to go down a specialist commercial mortgage route rather than a standard BTL lender. I work closely with a commercial broker and would be happy to refer you on if you wanted to have a chat with him? Regards, Richard
  14. You're welcome. Best of luck with it.
  15. I expect you would need a commercial mortgage, whereby the loan was secured over the block as a whole. The only alternative would be a residential mortgage on the one you would be living in, and 2 separate BTL mortgages for the other, but I don't believe lenders will allow this due to property exposure limits.
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