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Stuart Phillips

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About Stuart Phillips

  • Rank
    Obsessed member!

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  • Website URL
    http://www.aaltomortgages.com

Profile Information

  • Location
    London & Leeds
  • Areas I invest in
    North East
  • About me
    Interested in technology, food & wine, anything sci-fi and distopean
  • My skills
    Residential mortgage broker, BTL broker, Commercial and bridging broker.

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  1. Lenders dont like it at all. It very much depends on the amounts and frequency. It also very much depends on the LTV, affordability and other criteria how important it is. If you are buying at the max you can borrow, at 90% LTV and there are other factors that make this risky then yes i'd expect lenders to have concerns about gambling transactions. If you are at 60% LTV and well inside what they think you can afford then i doubt they will even look that closely. Not a very helpful answer i know, but at this point you might as well wait and see what they say.
  2. Yeah, if you have £22k on paper from UK Land and Property there are lenders that will accept this. You wouldnt be able to use expenses but that shouldnt be nessasary. Obviously its also subject to valuations, credit, and other criteria, but only having income from property shouldnt be a barrier in and of itself.
  3. I think anyone taking on a trainee is going to build in some protection for themselves anyway and it would really depend on the offers available. I started with a large estate agent, now the largest since the two merged, and they are very corporate, very sales driven and was expected to play some nasty games to win business, which is why i left quickly. Some of the robo advisors like Habito, Mojo, Lodon and Country might be a good bet because their tech is excellent and you'll need that to make it managable and they have deep pockets and are hiring aggresively. Maybe then look at a smalle
  4. Try cherry forums. There's usually DA firms hiring who would consider you if you're done the job before. I only worked for an estate agent for a few years before I went self employed, and then a few years later went DA. I also only work 9-5 with the odd exception. The vast majority of clients can spare half an hour during the day to discuss their mortgage and technology does a lot of the heavy lifting these days. The days of driving to clients and sitting in their house for a few hours is long gone.
  5. New charts are very telling: Expect average rates to keep trending upwards. If you are sat on a variable rate, either residential or BTL now would be the time to secure a low 5 year fixed rate as the rates we have seen will not be coming back... Also interesting to see the lowest 5 year fixed personal rates exceeding the lowest rate 2 year company rates. Keeping LTV's under 60% makes a real difference to financing costs.
  6. Have a look at land registry data and see what shows on there. I'd use Mouseprice for that data. Im willing to bet there are some properties in a 1/4 mile radius that have sold for less and thats whats influencing the decision. The other reason is likely oversaturation, which is very common in Liverpool and Manchester. Where less than half of the ownership is owner/occupier, ie private residential ownership, lenders are reluctant to agree to the security because they dont want to be limited to only BTL investors should the properties be repossessed. You can try an appeal with th
  7. I think i misunderstood. I assumed you'd been paying the BTL mortgage from a personal account. Are you asking if you can claim your personal mortgage payment as an expense? Almost certain you cant, but check and let us know!
  8. Depends on the lender, but yes ive seen 6 months mentioned pretty often. You'll just need to call them and explain, im fairly sure they will be pretty open to it.
  9. You really need to speak to an accountant on this one. It doesent sound like the best way of doing things. This isnt about directors loans, its about whether mortgage paments are a viable expense you can be reimbursed for.
  10. So BTL lenders have a few common themes when it comes to income. There is no one who will accept absolutely zero income on paper (ie tax returns or payslips). Some will allow "no minimum income" where the amount doesent matter as long as theres something. Within this some will accept property income, but many wont. You will have some limited options. Most have a minimum threshold, again some accepting property rental income, most wont. The usual figure is £25k, but if you own more than 3 properties that can be higher at £30k or even £50k. Limited company or personal doesent real
  11. So first thing to clarify is that "moving your mortgage" is still a new application but just means you keep the deal you have, maybe top up with another product and avoid Early Repayment Charges if its still within that period. The best outcome is dependent on the rates and ERC and a different conversation to this. Whats important here is that you still redeem the mortgage on the old property, and take a new one on the new property, just carrying an old product over rather than being forced to choose a new one. Your first stament is correct, you will have to redeem the mortgage leaving yo
  12. Two out of 70 plus lenders might. Its a hard no from everyone else. That the point.
  13. Aside from Together and HTB, who would be charging rates in the high 4% low 5% rang, no other lender will allow subletting. Why are you looking to sublet anyway?
  14. You are welcome to drop a PM. I'd need to have a chat though, broking a mortgage isnt a one size fits all process and i need to understand the deal, what your objectives are, what the constraints are etc. I have an online fact find for the basic info, but i guarantee if you try do something without at least a 30 minute phone call to sound it out, mistakes will occur down the line, or the email back and forth will take forever. I think you need to call a few and just trust your gut. Lenders have arrangement fee's, and a broker will usually factor all costs into a recommendation. The objcti
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