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phil b

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About phil b

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  1. Hi, An opportunity has arisen to buy land with full planning permission for two dwellings. I expect the land to be sold for approximately 300k. However, I am short the initial 20% deposit most lenders require and looking at alternative sources of finance. I do have equity in other properties, but ideally wish to secure the finance on the land alone and save the equity for the build costs. A bridging loan maybe? If successful, my intention would be to sell off the 2nd plot for a self build, raising 150-180k in the sale, therefore leaving me only 150-130k to initially mortgage for the plot. Also, any advice on Stamp Duty for land purchase? Thanks in advance.
  2. Hi all, We are looking to rent out our existing four bed family home after finding a new home. There is an opportunity to let the property furnished and just wondered what increase in rent, in % terms to expect against leaving the property empty? Also, will letting the property furnished increase or decrease it's desirability? Thanks in advance. Phil.
  3. Hi Richard, Our best guess in amateur economics is, unless inflation dramatically increases, despite Brexit and the doom mongers imminent stock market crash we don't expect a dramatic increase in interest rates over the next five years. They may increase in the short term, but decrease when the economy needs stimulus due to the above anticipated negative factors. Taking account of the above we have gone with the two year fixed rate. Hope the crystal ball doesn't let us down.... Cheers, Phil
  4. Hi Richard, Thanks for the response. We have considered the valid points you raise and also discussed with our broker. There is one hundred pounds per month difference between the two. So over five years, if we keep switching every two years to a similar rate we would be potentially +5k better off. Rates have been low for few years now, but following recent uplift there maybe an increase in rates imminent. Just trying see what term others are favouring? Potential savings balanced against certainty...
  5. So Crystal balls on standby... Broker has suggested the following Interest only mortgages: 2 year fixed rate @2% OR 5 year fixed rate @2.5% Which one would you recommend and why? Thanks in advance. Phil
  6. Hi Dino, I've always believed Manchester's property re-development started 10 years before Liverpool, due to the shocking IRA bomb which kick started the city's regeneration. The majority of present developments are now on the fringe of Manchester City Centre as city land is at a premium and they promote economic regeneration in Salford and East of the city. As you suggest there appears to be a glut of flats at present on the market. Liverpool, however I've witnessed the investment and regeneration the city has enjoyed in the last five years. In particular the water front and Georgian Quarter in the east of the city. Chatting with officials from Liverpool council, they are now encouraging development of space above shops in the city centre as they are keen to increase the number of offices and residences in the heart of the centre. I'm risk averse and looking for a medium to long term investment and will only invest in buildings either nearing completion or just complete. The part I'm unsure about is investing in this type of scheme, is it much different to buying your typical house? Pitfalls? Scams? Fees? Cheers, Phil.
  7. Hey all, We are looking at the potential of investing in new apartment developments under construction in the centre of Liverpool and Manchester. This is outside our comfort zone of purchasing typical housing and would welcome any advice. The investment companies/agents websites, promise 6-7% yields and near guaranteed lets. Is this sales patter or realistic expectations? Any positive or bad experiences? Property Investment/Agent Companies to avoid? Specific risks associated with this type of investment? What type of apartments are best...position, no of beds? Good long term investment? Any advice welcome. Thanks in advance. Phil.
  8. Hi Richard, Thanks for the positive response. I'm working fulltime (QS/Project Manager) for my own company, which has been trading just over a year. My wife works fulltime. Hopefully, the mortgage lenders will look favourably on us and we get the ball rolling quicker. Taking advice and researching at the moment, but hope to push the start button soon. Cheers, Phil.
  9. Hi Phil, Thanks for the positive feedback, I'll take a look...though I'm hoping the journey will not be too full of dramas, sleepless nights and frustration ( If only! ) . Any recommendations for local Mortgage Broker/Advisor? Cheers, Phil (Great Name!)
  10. Living in Cheshire, couple in our 40's, fulltime working professionals aiming to work less and live more as we get older! We are mortgage free on our home and have a second property for rent...and that was as far as we had got, until now... After a bit of research, this is where we are at....our long term investment, good returns, low risk strategy? Property Investment Goal. To have a business with a property portfolio worth a minimum one million pounds in 20 years, with no outstanding mortgages. Business Plan. To set up a limited property company. To initially invest £200,000 over two years, into property. Utilise mortgages upto 75% of each property value to fund purchases. Within the first five years, acquire further property from the business profits. Beyond five years, re-invest profits into accelerated mortgage capital repayment. Safeguard the business, by retaining a minimum of six months rental value for each property within the business. Manage properties ourselves, using Letting Agents only for each initial letting. Invest only in properties within an hour drive of *******. Initial Investment Capital 100k - Re-mortgage ******* 50k – Sale of ****** 50k – Business Loans from existing business ******* Limited. Initial Action Plan. By July 2019. ******** Limited has two years accounts. Set up new Limited Company. Re-mortgage ***** Sell ***** 30k Loan from ***** Limited. Appoint an independent Mortgage Broker By July 2020. Purchased initial properties. Further 20k loan from ****** Limited