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RAY OLIVER

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  1. That's great. Thanks so much for your advice Stuart
  2. Is this a normal thing for estate agents to do? Would you just go to them as if you were going to let it with them, even if I'm going to self manage the property?
  3. Thanks for your response Stuart. We wouldn't have to release any equity to move as we have the deposit for a new place saved. So with regards to the letter from the estate agent, this doesn't have to be an agreement or anything? Just literally a letter from them saying that this is what they would let it for, should we decide to let it out?
  4. Hi guys. Just looking for a bit of mortgage advice. I'm looking to move house and rent out my current property, which I have a mortgage on. I'm just looking at my options at the minute, so may look to get a consent to let on my current property. I'm just wondering how this impacts the mortgage on the potential new property, in terms to f affordability. Ideally I'd like to move into the new property before letting the current one out, as this would be a far smoother transition for me, but I'm not sure if this would be possible as I'd have two mortgages at once and the affordability would be fairly tight. Any help greatly appreciated.
  5. Thanks for all of your advice. It's been invaluable as I wasn't aware of any of this 🤣
  6. We've owned the property for 5 years now (likely to be 6 by the time we're ready to get everything moving), so not a huge amount of time but enough to make a nice difference.
  7. One thing I forgot to mention is that I own the property jointly with my partner, so I'm assuming wed gain from two CGT allowances equating to £24,600 anyway.
  8. Thanks for the responses. The advice has been great. So my current property would actually make a great buy to let. It's in a really sought after area that also has great rental demand and always has. My ideal goal would be to own property exactly like this for buy to let. The thing is, I could sell up and invest the money in other high yielding property, but likely wouldn't get the capital gain with those. My current property has that rare blend of a good rental yield and strong capital gain potential. Even if I'm hit with CGT on the current property, then surely this is better than investing the money elsewhere and losing out on any capital gain at all, and even if I did sell and invest somewhere that har capital gain potential, I'd end up in the same boat anyway wouldn't I?
  9. Would this still apply if I was to buy it through a ltd company?
  10. Hi everyone. Not sure if this is in the right place, but here is my idea... We bought our house 5 years ago for £130,000, and it's now worth around £160,000. We are currently looking to upsize, so my plan is to take advantage of the equity in the property we currently live in, and switch it to a buy to let mortgage. We owe around £110,000 on our current property, so a 75%LTV buy to let mortgage on a property valued at £160,000 would give us £120,000, which covers what we owe on the mortgage plus £10,000. I would imagine that I'd probably have to move into the new property before switching the current one to a buy to let. I'm just wondering if anyone sees any issues with what I plan to do? There is a strong possibility that I've got this completely wrong 🤣
  11. Hi guys I'm looking for a bit of advice. I've got the funds together to start my buy-to-let journey, but I'm wondering if this is a bad time to be getting into the market, with the eviction ban hanging over our heads. In an ideal world, I'd like to get a property on a bridging loan, with a view to making some improvements and moving onto a BTL mortgage before getting a tenant in. My concern is one that I imagine I share with many people, in that I could end up with my first tenant in my first property refusing to cough up rent, and I'm then stuck with a property that is losing me money each month. I'm just looking for anyone's thoughts on this really. Should I be waiting to make my move, but risk waiting until there's a potential boom and end up either missing the boat or paying over the odds? Or is the eviction ban likely to not be extended again? (I know no one can have an actual answer to this). As always, any help would be greatly appreciated.
  12. Perfect. That's exactly the answer I was hoping for. Thank you for your help + quick reply!
  13. Hi I'm looking at opening a limited company SPV for property. I don't currently own any properties other than my own residential property. My question is - as I don't already own any investment property, and neither does the company, would this impact the ability of the company to take out mortgages? Also, would it impact the LTV that I will be able to achieve due to the company not currently owning any assets? I'd like to be able to achieve 75% LTV, which I know is achievable, but I'm not sure it's achievable if the company does not have a history of buying property behind it, if that makes sense? Thanks
  14. Hi guys Can anybody please recommend a good BTL Mortgage advisor that they like to use? I'm looking to remortgage a couple of properties and want someone honest and reliable. I'd prefer a company than a one man band who does a bit of mortgage advising now and then, which is mainly what I've seen when searching on here. Cheers in advance.
  15. Thank you for your reply Ollie. I've actually spoken to my mortgage advisor today and it doesn't seem feasible. I'm actually a contractor who works via a limited company, and he is saying that as we would need to go for to contractor lenders, who will only offer an 85% LTV. I personally was under the impression that if you were self employed, you could go to any mortgage lender as long as you have two years books.
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