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About elliotw88

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  1. Thanks, lots of good food for thought! Interesting to see just how different the rates can be for a small % more.. Is there something I'm missing as to why a 5 yr fix at 60% (as that's all i need now) to have the extra security vs 2 yrs as I can't imagine rates being lower in 2 yrs, then get a further advance if i do decide to expand my portfolio wouldn't be a good or better option vs 2yr fix at 60% and remortgage if I need more funds? Thanks
  2. Hi, I'm not 100% certain I want to get a second propety yet so not as keen to do this, but don't want to have limited myself e.g. high early repayment charges if I do so just looking for advice on what to consider. Why would doing 80% LTV now be better than just getting a further advance down the line if I do want a second property? Better rates?
  3. Hi, I've just exchanged on my first BTL in Liverpool with completion due Q4 this year (thanks Hubbers for your advice so far!) and am thinking about considerations for when I want to expand my portfolio, potentially next year, particularly related to the BTL mortgage i get for the Liverpool property. I will have a 60% LTV BTL interest only mortgage on the property. I have heard of refinancing and releasing equity to make the next purchase so if I was originally planning on getting a 5 yr fix for the security of it, I assume I'd be wise to get one with no/low early repayment charges if I knew I wanted to make another purchase before 5 years? Or better..just check if they offer further advances then I could keep my 5 yr fix and get a further advance for the deposit on the next property? Any other thoughts/recommendations? Thanks!
  4. Hi, Can you expand on this point please? Maintainence costs I.e. service charges are claimable? Thanks
  5. Hi, I'm in the process of purchasing a new build flat completing this September and weighing up between taking the 2 year assured rental yield offer or not. I know some advise against it but financially it actually seems to work out slightly better the 4k furniture pack plus the 7% yield vs my 2k estimate for furniture plus the average I've been told I could rent it for from local agents, which is similar to the 7% offered. The main reason for this is there is no service charge and insurance (£1350 a year) to pay if I take the assured yield offer. Any experiences positive or negative appreciated? I have read the occasional story about people's payouts being delayed so any advice on what to look out for in contracts is also welcome? Thanks!
  6. Yes good point! I wouldn't put it all in that, good to diversify and avoid risk but thought it could be a good long term option.
  7. For those of you on interest only are you paying it off with your cashflow regularly, or what is your plan at the end of the term - to sell? I've been looking at stocks and shares ISAs too and been wondering about putting the rental money I can spare in to that as a long term investment with the aim of using that to at least part repay too. Any experience with that kind of thing? Also when looking at expanding to your next deal how are you deciding the length of the term or do you go for as long as possible to keep payments down? Thanks all!
  8. Hey, It's the Sky Gardens development in Crosby. Thanks
  9. Thanks for the heads up. I've just spoken about it with my solicitor who has sent a draft contract of the underlease that I'm reviewing and have gone back with some questions. Hope you get things sorted soon!
  10. Hi Rob, Thanks for the feedback and sorry to hear that! Can i ask who the agent was? Mine is RW Invest. What is their reasoning for not paying you your assured rental? Any particular wording I should look out for/ you would advise to request to be added to the contracts? Thanks, Elliot
  11. Hi Farmer, Thanks for the reply. The sum I'm doing the part repayment on is just my further advance for the deposit/pre completion funds - I was thinking as you were but the broker specifically asked me how much are you willing to pay each month and then from that he told me within that amount you can do interest only if you like or actually you can do part repayment so why not repay some of it off. The rate is actually 2.49%. My BTL mortgage will be interest only. The tax changes I was referring to are these: https://www.moneysupermarket.com/landlord-insurance/buy-to-let-tax-relief/. Thanks
  12. Hi all, Thanks for the comments and advice. To clarify the 23 years is because I have a couple of years gone on my existing residential mortgage and I guess starting out in property investing I have the idea to be mortgage free by then (e.g. I didn't want a term longer than that) However, i appreciate that everyone's goals may be different or mine may change and as I get more properties down the line I would likely change this. In the end the broker has told me that at the monthly payment I am happy to make I can actually part repay anyway, so whilst I understand the arguments above for interest only and overpyayment options and I am doing that with the majority of the debt I think I will stick with this offer especially as it's only my second BTL (and the first was somewhat of an 'accidental landlord' situation so I'm kind of treating this as my first and feel more comfortable knowing I am paying off at least a bit of the debt anyway) For those of you on interest only, how are you deciding how much you want to pay/how long you want your term to be etc? Are you overpaying and/or putting cash away into savings with the plan to pay off at the end of the term? Are there any tax calculators/spreadsheets you have so you can work out the tax change implications from next April? Thanks!
  13. Hi, Thanks for the reply. I'm interested in what you said about "you can only sell it to other investors and not to retail buyers and after the guarantee period is over" Do you mean that literally from a legal standpoint? I haven't seen that in the lease so wondering if you mean I'll find it harder to sell to non-investor (why would that be though- I imagine there are retail buyers who also like new builds..?) but will double check. Welcome anyone else's input/experiences with this! Thanks
  14. Hi, I've had an offer accepted on a new build property. I'll be using a further advance to fund some of the deposit from my first BTL property I just have a small mortgage on, and then a BTL mortgage. From research I understand the difference of interest only vs repayment but am struggling to decide which is best for me. If I do interest-only for 56k (assuming 3.5% over my 23 year term to line up with my other mortgages) it will cost me £20k more in interest. On the face of it I'm not sure that's worth the supposed benefit of having £130 a month more cashflow, am I missing something here? Could I do interest only to have that cashflow but save the money I would have paid on repayment to pay early either monthly or in lump sums and reduce that 20k extra figure/try to get it in line with the total I would've owed on repayment anyway essentially having the best of both worlds? Any advice appreciated! Thanks