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Djpix99

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  1. When you take out the mortgage you would receive £42,750, from this you would need to repay the bridging loan of £26,000 and then £16,750 would be returned to you. As your initial outlay is £26,000 you would be left with £9250 left in the deal, however this may rise to £12250 if you include the £3000 fees.
  2. Djpix99

    Leeds HMO Advice

    Other popular areas for professional HMO's tend to be: Kirkstall, Meanwood, Armley and Bramley. I live in Bramley and have seen many HMO's pop up nearby recently as most of Bramley is just outside the Article 4 area.
  3. I currently live in West Leeds and plan to buy my first BTL in January, I know which areas I would like to ideally invest in, but I would be really interested to hear other peoples views on areas in Leeds or possibly Bradford where you can buy with a budget of £100k.
  4. I can assist with question 1 at least: 1) Best areas to look in Leeds Areas that have property under £100k you would be looking at - West Leeds - Armley/Bramley/Worley/Farnley(some good family areas, but also some pretty rough areas, these are the sort of areas i'm concentrating my property search in, partially because I live in Bramley) South Leeds - Beeston/Middleton?Hunslet(these areas offer properties in your budget, but you need to shop around as there's some rough parts for sure) Morley, Gildersome(both family areas) East Leeds - Harehills/Cross Green/Gipton (I would personally avoid these areas) Seacroft(some nice areas) North Leeds - some flats, but most houses are over £100k City centre - lots of flats, the odd one going under £100k These are just my opinions from living in Leeds, im sure others will have very different opinions on these areas.
  5. @adam t smith if I'm honest I don't know Morley that well, but I've heard it nice from others that live around there. Employers wise you have Hermes head office/contact centre , NHS Shared Business Services, HSBC, O2 and Capita all nearby Morley, so pretty good in my opinion.
  6. @adam t smith with that budget I would look at West Leeds i.e. Bramley, Armley, stanningley, Pudsey. 2 bed terraces in armley start around £80k, in the other areas more £100k+. Other areas Popular areas just about in your price range would be: Hyde Park, Burley and Kirkstall, all popular with students and graduates stay on in Leeds.
  7. Probably a bit late, but the areas I would look at in Leeds with the budget you have would be: Armley, Bramley, Wortley, Farnley, Stanningley, Pudsey, Hyde Park, city centre, norther quarter, Morley. The other areas in your budget but in my opinion less desirable would be: Hunslet, Harehills, Cross Green, Burmatofts, Belle Isle, Holbeck, Beeston, Middleton. Feel free to ask me any questions on Leeds, I've been here 5 years now so getting to know the areas.
  8. Hi Sam, I'm based in Leeds and can certainly see that there is good potential for capital growth in areas of LS9, however I would ensure you spend some time in the area and have a good walk around. There are some nice areas around Neptune Street, East Street, Marsh Lane that I would choose to live in if I wanted a flat. If you venture towards the other side of LS9 i.e. East End Park, Cross Green, Burmantofts, Harehills, you couldn't pay me to live there, however most of this area is terraces so probably not of interest to you. Personally I would consider LS1/LS2/LS4/LS6 areas as they already have some good amenities. There's the Northern Quarter around North Street/Regent Street where there is lots of redevelopment going on that may also be of interest to you. Feel free to drop me a message if you want to ask any questions. James
  9. I can't really comment on Birmingham or different properties, however I spotted a few things in your workings out... £1650 in total for solicitors/land reg sounds expensive, my previous bills have been between £900-1100 for flats and houses. Im unsure how you have come to a monthly payment for £382 for an interest and capital repayment, my figures were nearer £600 per month at a lower rate than 3.5%. Landlords usually go for interest only mortgages to aid cashflow, as an example this would reduce your monthly mortgage costs to £206(Post Office 2 year fix, 1.88% interest, £1205 upfront fees). p.s. I'm not a mortgage adviser, there is a best buy mortgage tool that I find comes in useful: https://www.charcol.co.uk/mortgages/best-buys/buy-to-let-remortgages/
  10. Hi, This is a little rundown on areas I posted on another thread a couple of weeks go and may be of use to you. Bramley(that's where I'm based) - family area, train station, high yields achievable, lots of high-end HMO's being created due to it being out of the article 4 direction area and properties still being reasonably cheap Pudsey/Stanningley/Farsley/Rodley - family areas, train station in Pudsey/Stanningley giving to access to Leeds/Bradford Armley - Good transport links to the city centre, cheap properties, high yields achievable Kirkstall/Burley - Good transport links, 2 train stations, students/young professionals Hyde park/Woodhouse - Students/lots of hmo's/many back2back terrances Headingley - Students/lots of hmo's/good transport links to city centre Meanwood - Popular area with families/young professionals, good choice of bars/restaurants/shops inc Waitrose Chapel Allerton - Very popular with young professionals/families, expensive properties Chapeltown/Potternewton - people priced out of Chapel Allerton are likely looking at this area as an option, lots of big terraced houses Northern Quarter(North Street/Regent Street/Upper Briggate/Vicar Lane) - Popular with young professionals, properties all flats due to proximity to city centre, lots of re-generation going on, nice bars/pubs. Chapeltown(North of Harehills Ave only)/Northern Quarter(flats only)/Hunslet(HS2 station may be built in this area) would be my suggestions for capital growth based on my limited knowledge. If you have any questions i'm happy to assist where I can.
  11. Hi, So by way of a little update to my strategy... Property 1 - I now plan to remortgage my personal property down to 75% ltv in December 2018( 2year fix) and pull out any extra funds, this should give me around £17k based on it's current value. property 2 - I will then look to buy a BTL for around £80-100k using a 75/80% ltv btl mortgage to purchase a btl property. I will us the funds from the remortgage, plus should have enough savings available to make up the difference. property 3 - Then during/towards the end of the 2 year fix on my personal property, i will buy a 3rd property with my wife for us to live in(using savings) and get permission to rent property 1 or remortgage to a btl depending on if an ERC is payable. To me this seems a pretty achievable 3 ish year strategy, especially based on the fact that property 2 would be paid for mostly using equity I already have and the fact that as property 3 is for personal use it will only require a 10% deposit.
  12. Hi Brad, My only property at present is my own in Bramley, but based on a few recent sales it's gone up around 5-6% per year which will be nice when I come to re-mortage and pull out finds towards a first BTL(Dec 19 fingers crossed). If I'm honest I think Leeds will continue on the up based on some news articles I've read and some of the below things happening over the next few years. - Channel4 opening a new northern office - HMRC have a new central hub opening near Wellington Street. - South of York Road(SOYO) development Infront of Quarry Hill. - development of the area around Water Lane/Globe Road - development of the old Asda warehouse and area surrounding The Tetley. Sheffield could be a good call, i've heard a lot of good things about a trendy area called Kelham Island recently. I will probably stick with Leeds just because I'm getting to know the city well and I can self manage. I know a lot of investors are jumping on Bradford for the sub £60k properties and +10% yields that are acheivable. I've been told that it's not worth it as the standard of tenant isn't great and yields aren't all that once you tak into account the extra maintainance/repairs/non payment of rent. James
  13. Hi, This is a little rundown on areas I posted on another thread a couple of weeks go; Bramley(that's where I'm based) - family area, train station, high yields achievable, lots of high-end HMO's being created due to it being out of the article 4 direction area and properties still being reasonably cheap Pudsey/Stanningley/Farsley/Rodley - family areas, train station in Pudsey/Stanningley giving to access to Leeds/Bradford Armley - Good transport links to the city centre, cheap properties, high yields achievable Kirkstall/Burley - Good transport links, 2 train stations, students/young professionals Hyde park/Woodhouse - Students/lots of hmo's/many back2back terrances Headingley - Students/lots of hmo's/good transport links to city centre Meanwood - Popular area with families/young professionals, good choice of bars/restaurants/shops inc Waitrose Chapel Allerton - Very popular with young professionals/families, expensive properties Chapeltown/Potternewton - people priced out of Chapel Allerton are likely looking at this area as an option, lots of big terraced houses Northern Quarter(North Street/Regent Street/Upper Briggate/Vicar Lane) - Popular with young professionals, properties all flats due to proximity to city centre, lots of re-generation going on, nice bars/pubs
  14. Hi Jack, I don't admit to having as much knowledge of Leeds BTL as Alex, but I do live in West Leeds and know some areas well. So this is my comments on the areas I know reasonably well anyway.. Bramley(that's where I'm based) - family area, train station, high yields achievable, lots of high-end HMO's being created due to it being out of the article 4 direction area and properties still being reasonably cheap Pudsey/Stanningley/Farsley/Rodley - family areas, train station in Pudsey/Stanningley giving to access to Leeds/Bradford Armley - Good transport links to the city centre, cheap properties, high yields achievable Kirkstall/Burley - Good transport links, 2 train stations, students/young professionals Hyde park/Woodhouse - Students/lots of hmo's/many back2back terrances Headingley - Students/lots of hmo's/good transport links to city centre Meanwood Chapel Allerton - Very popular with young professionals/families, expensive properties Chapeltown/Potternewton - people priced out of Chapel Allerton are likely looking at this area as an option, lots of big terraced houses Northern Quarter(North Street/Regent Street/Upper Briggate/Vicar Lane) - Popular with young professionals, properties all flats due to proximity to city centre, lots of re-generation going on, nice bars/pubs Hope that help's a little, feel free to message me if you want to know any more.
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