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Matthew Battensby

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About Matthew Battensby

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  1. Hi all I'm reading this with interest as I'm considering a second charge on my home to release some equity to make further investments with. Does anyone know if affordability considerations are different on a second charge residential mortgage compared to a first charge? I think we are fairly maxed out on affordability on our existing residential mortgage so if the same criteria are used we may struggle to get a second charge. Any initial thoughts welcome. Cheers Matt
  2. Thanks DerekT. I am in a similar position to you, using property as a long-term wealth creation vehicle. Your thoughts are really useful and I think that is the view I am leaning towards.
  3. I am in the process of remortaging one of my current BTL properties. Current LTV is about 65%. By putting in another £15k (which I have available) I could get a much better mortgage product and save £5k over the 5-year mortgage term. A much better return on the £15k than I could possibly get at the bank. However, that £15k could go towards a new deposit, which might ultimately see a better return in capital growth on a new investment property. So, is now the time to be reducing my borrowing to save money on my mortgage, or stashing cash to expand my portfolio when the right deal c
  4. Hi I am in the process of a couple of remortgages, one BTL and one for my own home. The BTL one has been offered already. The residential one is being assessed currently. I am now being furloughed by my employer. Will this affect my ability to get the residential mortgage? I have read that different banks are taking different approaches to this. Some will base affordability on usual contractual pay, others on the reduced amount during furlough. Any brokers out there with any thoughts or recommendations for which banks use contractual pay? The application is with Lloyds so any insight
  5. Thanks drkidd. I didn't get around to signing up back in January, but you've just reminded me I need to do that. Thanks
  6. Hi The blog post below suggests: "If the landlord already owns under four buy to let properties in their sole name, they can still purchase a new property in a limited company name and continue to benefit from not being considered a portfolio landlord for the existing properties that are owned. This will allow for existing properties to be remortgaged using a non-portfolio landlord criteria potentially achieving more competitive products." https://www.lendlord.io/post/how-limited-company-owned-properties-can-affect-a-lender-s-criteria Is that correct? My understanding until now
  7. Hi Has anyone used Lendlord https://www.lendlord.io/ which claims to be "Online software for landlords to manage, track and optimise your portfolio"? Any reviews, good or bad, would be appreciated. Also, has anyone used any other similar products? Thanks Matt
  8. I own two buy to let properties plus my residential home. All have mortgages secured on them. I withdrew equity from one of the BTLs (Property 1) before the stricter rental cover tests came into force in 2017. I have been able to refinance since then but choice of lenders has been greatly reduced as many won't touch it due to the large size of the loan against the monthly rent. Property 1 has a value of £375k, outstanding mortgage £246k (LTV 66%), and monthly rent £1075. It is my former home and has seen good capital growth as it is in a prime residential area, but clearly it does not yie
  9. Try checking with The Crown Estate whether it's subject to escheat. And with the Treasury Solicitor whether it's bona vacantia. There's some info about these on the Gov. UK site. Also do a bankruptcy search against the owners name.
  10. Hi leeds8 Tricky one. I agree with Adam that Land Registry is a good place to start. You can search their records yourself with a postal address or title number. However, the property may not have been registered back in the day when your parents owned it (even now not all property is registered) so Land Registry may have no record of it. If it has now been demolished and redeveloped then it very likely is registered now because a sale would have triggered a requirement to register. If someone has demolished it that raises big questions about who thought they had the right to do tha
  11. Thanks everyone for your responses. Having done a bit more digging it appears that I may be able to release some equity from the property without having to sell it. By fixing into a longer term mortgage product (5+ years), I may benefit from less stringent rental stress tests and there might be some room to release a chunk of equity. Frustratingly, the broker I was using missed this previously and I have only found out about it through my own digging! Any recommendations for a broker who is better informed on BTL mortgages? Thanks, Matt
  12. Thanks David and Katherine. I'm reluctant to sell as I think there will be more growth from the property in the future. Also, the transaction costs are eye watering to sell and replace the property with several others in another area. I am leaning towards holding onto it and saving other funds to invest further. Thanks for your views, really helpful. Matt
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