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Stuart Phillips

Established Member
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    924
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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.

Recent Profile Visitors

4,479 profile views
  1. 1) If you exchange you commit to buy it yourself. If the company then decides to buy it, you personally need to pull out as the company is a different entity. 2) You'd need to check with an accountant, but in terms of the mortgage adding a director between applying and completing would mean it would need to underwritten again to add the new person to the mortgage. 3) You need to know you have funding to complete before you exchange and commit to the deal. Most new build mortgages will allow an extension effectively making them 12m offers.
  2. If you search there are a few posts asking for broker recommendations, but yeah, theres a couple of good options in here already.
  3. Yeah. I'd get a second opinion. It seems an odd collection of options. Any decent broker should assess the criteria (rent, income, property etc) understand your objectives and simply give the best option for both 2 and 5 years that would work for you. They should also give a comparison to the best retention product from TMW. Usually a new deal is better, but not always, and sometimes, if it's close, the ease of a retention deal is worth paying a bit for.
  4. Isnt this what the broker is supposed to do for you? Did they just give you a list of options and asked which you wanted? Because there are some significant differences in total cost between those options and they have missed some better options available today (if you got this over a week ago then things may have changed since, rates seem pretty volatile at the moment) To be honest, when i run these numbers i see that there are products available from Platform (who i assume meet criteria and ICR ased on the fact they recommended them on the 2 year deals) that is over £1000 cheaper o
  5. There are a number of factors that will dictate how much you can borrow: Affordability - this is the max loan a lender will allow given your income, outgoings, number of kids, commitments etc. Lenders use a somewhat complex algorithm, but generally its unlikely to be above 4.5x your income. Loan to value - Typically you can borrow up to 85% of the value of your home, although some may allow up to 90%. You will find cheaper rates available if you only go to 85%, 75%, 65%. To calculate what you can release you would take the lower of the two figures above, and subtract what y
  6. If commercial brokers are being cagey it sounds like a non starter. If they had lender that would consider it they would look to help. I suspect the values and returns of the units are simply too low for lenders. You certainly cannot do this on a BTL basis.
  7. Will you be looking to mortgage any of these? We have great difficulty in securing mortgages against property used for vulnerable adults or children because of the moral implications of reposession etc. As such i would expect it to be complex and expensive if thats part of the plan?
  8. You need to speak to a solicitor on this one, no one else is qualified to give you advice on something this complex, certainly not in online forums. You will need a solicitor for the purchase anyway, and most should advise you on a no sale no fee basis, although i'd argue its penny wise, pound foolish to seek out the cheapest lawyers/accountants etc!
  9. That wont be an issue. The lenders who want experience are those that deal with more complex stuff, such as HMO's limited companies etc. This wont have a significant impact on you, if at all. You will however need to complete both the residential and the BTL mortgage at exactly the same time, so bear that in mind. Because you've lived there its not a standard BTL, but a Consumer BTL or Let to Buy, and there are some additional requirements that go with this.
  10. This is absolutely it, and why estate agents have such a poor reputation. In this case they are concerned only for their profits and have likely used your property as a reason to get the new instruction. As Julia says, reject the offer until they have a buyer, or tell the agents to continue actively marketing the property in the meantime. Do this in writing and make it clear that this should be treated as a complaint, then should they continue to mess you around you can take this to the property ombudsman (as you need to have given them chance to address the complaint first).
  11. I would do it all at the same time. There are lenders who will accept lease extension as an acceptable remortgage reason and will consider the new lease for mortgage purposes, because they can make sure the solicitor puts it into place on completion. I'd speak to a solicitor first and understand the lease extension process, and then speak to a broker who will be able to raise the finance taking that into account.
  12. It's a regulated BTL and very few lenders will do it. Being regulated they will only lend what you can afford on a residential, factoring your existing residential mortgage. As a result you are better off simply doing a second residential mortgage instead and benefit from the better rates, although it's unlikely interest only will be an option. You'd need a broker to give you an idea of viability and affordability.
  13. Its very much relative to how adverse things are. Some missed/late payments can be acceptable to mainstream lenders if the overall conduct is good, and they are not recent (ie 2-3 years old). If its defaults then it becomes harder and you are likely looking at lower LTV, higher rate options where they assign points to the adverse to determing products. Things like bancruptcy, IVA's and reposessions become much much harder. There isnt a one size fits all rule though, typically the outcome of these enquiries are dependant on how much someone is willing to pay to get on the ladder (Whic
  14. He needs the cash to refurb before the remortgage. He buys with a bridge - refurbishes - remortgages after 6 months at true market value.
  15. Actually i stand corrected. I'm honestly really surprised, because when ive gone to take a look and get you some more specific info, the majority of lenders ive looked at (that are OK with repaying a bridge and accept limited company applications) are fine with lending for debt consolidation of personal debt. Ive called a few and they are unconcerned. Debt consol with some of the more high street BTL lenders is still often a no, as well as some popular specialist lenders like Paragon, but theres a good number of the top SPV lenders, based on the numbers above, where this wouldnt be a
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