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Stuart Phillips

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About Stuart Phillips

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    Obsessed member!

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  • 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. Mortgage broking isnt an exact science. Had an issue recently with Barclays, a whole string of unusal credit related declines, got the credit reports which were sparse but clean, and simply went to NatWest. Approved straight away. Glad you got the result you wanted.
  2. As a rule you will find anyone will do it after 6 months, but that wide ruling is quite often overlooked in inheritance cases. I'd make your enquiries now.
  3. I mean ultimately a repayment mortgage will leave you wealthier because those repayments reduce the interest over time. Your equity in the home will grow faster on repayment than it would on interest only. I guess its akin to the age old question of capital appreciation versus cashflow. If the latter is the motivation then interest only gives you that at a greater overall cost and risk. With my mortgage advisor hat on id always recommend repayment first over IO because from a compliance standpoint its considered much riskier and i have to be mindful of that. As a business owner, speculate
  4. From my perspective its because people suddently lost all the benefits of living in a city when lock down started and looked to move to houses out of town. Theres only so much stock and so they were snapped up quickly. Flats go on the market, but there is less demand and so they sit on zoopla longer, houses are the opposite.
  5. Assuming you dont have £400k in cash, ISA's or other funds, you will need to have at least 40% equity, £300k equity and/or earn over £75k per year to do a residential interest only mortgage. The only alternative is to do interest only and use the equity in your portfolio, but then id assume you would release that £400k from the BTL's rather than your own home. It might be a moot point anyway?
  6. No. If you go to a new lender you can pick a new term. At the end of the day once the old lender is repaid they cant do much about anything.
  7. Do both You know the max term you can have, thats determined by age and lender criteria. Most lenders will lend up to age 67, so take your age on next birthday and the difference is the max term. You know what you can afford to pay, so consider the difference between the premium for the max term and your budget and you have your overpayment amount. Most lenders allow 10% of the balance in a rolling 12m period. Be careful here because as you overpay the balance falls and so does your allowance. Usually its negligible until you get to a point where the mortgage balance is so low it sto
  8. I wrote a few points about verifying a broker is legit here: But aside from knowing they are legit, you can never know if they are actually any good until you do some business with them. Follow your gut, work with people who you think respect you, educate you and know what they are doing. As for your question. You cant do a BTL mortgage where one is on the title, but both are on the mortgage, although this is becoming common in residential. If you are added to the title of your existing property then you cease to be a first time buyer. You can easily swap ownership when you r
  9. The freehold wont be worth anything. All the value lies in the leaseholds. The freehold only gets, i presume, a peppercorn ground rent, which is what determines its value. As for the leaseholds, the most annoying thing you are likley to encounter is the fact that no one lender will do all three. They have rules about exposure, generally aimed at larger buildings, but limiting it to one or two out of the three. You will need multiple lenders. Otherwise they are considered three seperate units and you should be able to mortgage them the same as any other flats, subject to valuation, le
  10. How long is a piece of string... If you want the best rates, the lenders you approach are going to do levels of due diligence akin to a standard mortgage, ive done bridges that took 2 months to complete. If you are prepared to pay any price i could arrange a bridge in a week. Typically its a balance between these factors Yes, a leasehold brings some additional legal work and will delay things.
  11. Yeah defo repossession and it was a cannabis farm. You can always tell a repo because anything of value is gone and rubbish remains. You literally get a time and date from the bailiff and whatever is there when the locksmith arrives will be bagged up and supposed to be available to collect for 14 days or something. No one ever does though i suspect. usually pipes, boilers, cookers etc are gone. I once saw a repo where the ex owner had drilled and wired the float in the attic water tank. For 30 days it sat showering water down every wall in the house. Cash buyers only. As Adam says, these days
  12. When you have a small commercial mixed with residential then its possible it might be covered by a semi-commercial mortgage. Lenders like Shawbrook and Landbay have some priducts that cover this, but its also going to depend on the type of commercial. An estate agent will be easier than a betting shop or takeaway for instance. Whether you go for seperate mortgages is dependant on the title. If its all one then you are limited, if there are multiple titles then yes, potentially you can treat them as independant, but will have to be mindful of the adjacent commercial as many lenders still d
  13. My main concern wouldnt be with the mortgage company, as far as they are concerned a concessionary purchase is a gift, but a gift of equity rather than cash. What you should be concerned about is HMRC. They are going to want to know why they are not getting stamp duty or capital gains (if applicable) at the market value of £700k. I'd recommend the family member speaking to a solicitor and or an accountant first and foremost about this because it could be a bit of a minefield. Generally most concessionary purchases i do are with around a 10% - 15% discount, Thats usually within the ra
  14. I'd recommend some of the online courses from places like Linda, which is Microsoft i think. Its not too expensive and the courses are really good quality especially if you want to learn Microsoft//Google/Amazon/Adobe apps, programming, marketing platforms and online advertising etc. From there much of what ive learned is from having a problem i want to sove and googling for a tutorial to see how that particular function actually works in practice. I run the example through, play with it and then see how i need to adapt it to solve my particualar problem. I might even post something in a
  15. You can open a company for as little as £14, or for about £100-£150 with most accountants. I really cannot see any benefit is changing SIC codes for an existing company. Lenders much prefer a brand new company because theres less due diligence to do.
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