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About tengreenbricks

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  1. tengreenbricks

    Locking into a mortgage questions

    @John Carey-Shields That is helpful, thank you.
  2. tengreenbricks

    Locking into a mortgage questions

    I’ve posted on here before about my mortgage dilemma and I’m currently working out which paths to rule out before I go ahead talking to a few mortgage broker. I appreciate the ones who have contacted me so far, it’s been very helpful. My question is, if I lock into a mortgage now, which I want to execute in say 5 months time, in that 5 months the property market falls, how likely is it the mortgage lender will want to revalue the property? Is the lock-in set regardless of the changes in the market? Can mortgage lenders intervene and request a revaluation? What is the likelihood of this happening? Clearly, I’m thinking about Brexit as the trigger to falling property prices but the trigger could be anything, Many Thanks in advance.
  3. tengreenbricks

    BTL with refurbishment

    Have you tried the estate agent in your area of interest? They can put you on an email/telephone list, if anything comes up. As for mortgage providers, try meeting some property investors at a property event near you, I'm sure some will share if you build a rapour with them. Good Luck,
  4. Hi Property Hubbers, I've been educating myself about property investment in 2018, now I need to take action. I want to see what other property investors/mortgage brokers think of my mortgage strategy for 2019, and kindly point out anything I'm missing to optimise the strategy. I'm interested in BTL, BTS, BRR, HMO strategies or similar, and not R2R, PLO, SA at this current time. The aim is to invest in my third property in September 2019. I have two properties. Property A: My main home, and Property B: a rental property sitting on a CTL (Consent-To-Let). Property A, my main home, is valued at £294,000, the remortgage is due on 31st May 2019. Property B, is currently a single let, current value is unknown, but based on recent sales for comparable properties, I am predicting around £180,000. The remortgage is due on 31st August 2019. Property A, I am going to lock into two mortgages by 31st January 2019: 1) Leave 25% in the property, and release the remaining equity: £23500. 2) Leave all equity in the property and get the lowest monthly amount. Obviously, with a property investor mindset, I am favouring option 1). I am not looking to let my main home, but leaving 25% in the property is a backstop if such circumstances arose. While I have those mortgages locked in, I'll be seeing if I can beat my locked in deals for the remaining 4 months until the final remortgage date. I see that being unlikely unless it's an offer significantly better - so I'm not going to stress this effort. Meanwhile, Property B, currently being let on a CTL, I am planning to lock into a BTL mortgage at 15% or 20% LTV after 31st March 2019. If I'm able to acquire a 15% BTL mortgage. Then that'll release me £11,000 from the property at the house price prediction of £180,000. Property B I'm doing some improvements to help with the valuation, but more will be known in March 2019, but I believe I'm on the right track. When September 2019 arrives, both my current mortgages will be in place, and I hope at this point, I'll be ready to invest in Property C - whatever that maybe. Edit: If I go down the BTL route, I'm aiming for a property around £100,000 that has a modest capital growth, but a good yield. If it's BRR - then I'll be looking for properties lower than this. This needs assessing. I see before September 2019 being crucial to ensure I'm setup property operations (I have an accountant who did my self-assessment on the property income), get my networks/crm setup, and I build on the foundations I've learnt so far. I've just started the training videos in here, and they are really great - especially the spreadsheet.
  5. tengreenbricks

    Consent to let - Clydesdale bank

    How did you get on?
  6. tengreenbricks

    Consent to let - Clydesdale bank

    Apologies it's been a while, but to answer your questions quickly, I have no idea what sorts of checks the mortgage provider were doing. Maybe someone familiar with the checks can comment on this. I get the impression the mortgage provider are checking they are satisfied the the case for CTL in it's spirit is satisfactory. I had incurred no further costs, but you should check what conditions are set by your mortgage provider by going into a CTL agreement. I was 6 months in, which is the bare minimum I would think about applying, but I think what helped was by meeting face to face with the mortgage manager at the bank, and just having an informal chat about your reasons to go to into CTL and understanding the process with them. It sounds daunting but honestly I was really grateful after I did it.
  7. Hi, I was having a conversation at lunchtime with a fellow property friend and he mentioned how a number of landlords at a finance event he attended had no idea what Section 24 was. We found this unusual at this point that there are landlords out there that have no awareness on what Section 24 is and the impact this has on property investment. The conversation then led to how a large portion of these unknowing landlords are highly likely to not declare their property income to HMRC. I'm interested to know, what is the impact of not declaring property income? Can a property sale for CGT trigger an investigation? Is there anyway a landlord is likely to get caught? FYI: I'm seeing my accountant next week, and intend to pay my taxes. Right now, my argument is a bit weak on why not declaring property income is a bad idea. Thanks in advance.
  8. I think once 100% of the mortgage interest is no longer applicable towards mortgage tax relief and is in full swing from 2021, we'll start seeing a rise of AirBnB style properties i.e. advertised by the night. The flexibility will suit more people, than AST's, and eventually we'll see a review on taxation on serviced accommodation to curb growth and filter out the poor accommodation.
  9. tengreenbricks

    Consent to let - Clydesdale bank

    Hi @murray d I have experience with another bank. I can understand if anyone feels apprehensive about asking for Consent for Let (CTL) because it's never guaranteed your request will be approved. When I purchased my second residential property, the intention was to live at the property for at least two years for work purposes away from the main home and then look towards BTL after the two years, however a change in circumstances with my partners work schedule and responsibilities resulted in not needing to be at the property so much. Rather than switch to BTL and incur a redemption fee charge, I did some research to see if there other options before going down the BTL route. I looked at Let-To-Buy, Regulated BTL (different to regular regulated BTL) and CTL. I hadn't heard of any of these options, but this gave me some hope that a solution would be available. CTL seemed like the first process to try as its fairly low cost. I noticed on my online mortgage account there was a Consent To Let (CTL) process. However, before jumping in, I booked an appointment with the Mortgages Manager at the branch, just to check I understood the process, but also to examine my confidence levels on whether a CTL request would be approved. Also I thought turning up and talking to the Mortgage contact would make my application seem more favourable - I recall phone calls were being made to their mortgage back office to check various facts. Anyway, so I went home, read the terms & conditions of the CTL, filled out the CTL request form supplying a genuine reason why I wouldn't be living at the property - this is important to state and do write this part carefully so it's not questioned by the bank otherwise you'll encounter delays and even rejection. I supplied the non-returnable £100 cheque, and one week later my application was approved. Fortunately my mortgage provider provided no time limit, but since it was a two year mortgage I am assuming the CTL will lapse. I intend to move the property to a BTL because I don't want my main incomes to be financing the property from after the two year fixed-term residential mortgage ends. Hope that helps.
  10. tengreenbricks

    I'm saying Hello

    Phil - that's fantastic advice, much appreciated. I like the idea of a property journal I'll give this a go.
  11. tengreenbricks

    I'm saying Hello

    After listening religiously to Rob & Rob's Property Podcast on the drive to work, I thought it's about time I signed up to the forum. Following Rob's checklist: What you've done in property so far Attended "various" property events and monthly meetups since March 2018. Attended some small related property courses to develop myself to get the right mindset, pointers for further property research and set a vision as a property investor. More importantly, I did just literally get started in 2017 when I purchased my first single let in August 2017 which has been let since February 2018. This gives me something real to work with while I figure out how I achieve my next goal. What areas you invest in (or want to invest in) Taunton, Bristol, South Wales, potentially JV in the North with property sourcers with refurbishment teams. What your plans are for the future In the short term, get my tax affairs sorted for 2017/2018 and release equity from my main home to pursue property buy and sell (flips). I am also interested in Service Accommodation and understanding how to acquire, operate and systemize one properly. With a reasonable cashflow, in the long term I would like enough to have the 'option' to do less of the day job, and invested in high yield single lets in a limited company. Commercial Conversion interests me too for a bit later in the property journey. Any skills or knowledge you've got that other members might benefit from I'm a relative amateur as property investors go, but I have gone through the process of Purchasing a 2nd residential home, Consent to Let, refurbishing a property from scratch, putting a single let on the market with an estate agent, understanding estate agent services. I'm happy to share with anyone looking to purchase their first investment property and the challenges that come with that. I have also moved house twice which haven't been plain sailing so I can share any experience there if I notice anyone in similar situations to what I experienced.