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Private Finance

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    Private Finance is an independent, whole-of-market mortgage brokerage with experience successfully negotiating billions of pounds worth of property finance.
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    Property Finance

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  1. Hello Steve, I hope you are well. As a starting point, please find my responses to your questions below: 1. How long should the process of getting an offer take? The two attempts I have made with my broker have typically taken over 2 months from me submitting my ID/proof of funds etc. before I get a decision, each time it i have have to chase the broker for an update on the decision, is this normal? The process tends to take 2-4 weeks. This can vary depending on which lender you proceed with as they all have different turn around times (for assessing documen
  2. Hi there, So, basically, your Australian income will be used to prove that you live there. Your BTL eligibility will primarily be determined by the amount of rental income the property you are looking to buy can generate. So long as you have a deposit of at least 25% of the property's value, you shouldn't have too much trouble securing a BTL mortgage. If you'd like to talk through your options with a qualified broker, i'd be happy to have a chat, All the best!
  3. Hi Kane, No, you're not misunderstanding the concept. Though some lenders are uncomfortable with this kind of thing, others will be perfectly happy for you to remove equity from you property for investment purposes. It may be worth speaking to a broker, who will then be able to look at the specifics of your case and potentially find you a lender that is willing to let you do as you wish. If you like, i'd be happy to put you in touch with one of our brokers here at Private Finance. All the best!
  4. Hi there Jambone, Unfortunately, it can be very difficult - often impossible - to secure a mortgage for a property that is locked into the kind of long-term lease contract that you're talking about. An alternative option might be to take out a short-term bridging loan, and then to use these funds to finance the renovation. This way you'll still be eligible for a mortgage. Without all of the specifics of the case, it's hard to say which options will be open to you and therefore which will be optimal. If you'd like to talk through your options with one of our advisers, i'd be
  5. Hi there Aman, There are many second charge lenders; in order to provide you with an appropriate recommendation, i'd need to know the LTV of the loan, the amount of rent you currently receive, plus a number of other details which will all work to broaden or limit the range of lenders to which you can apply. Additionally, it might even be worth sitting down with an adviser and working through the pros and cons of refinancing vs. taking out a second charge mortgage, as you may find that the former is more viable than you first thought, If you'd like to talk through your options wi
  6. Hi Ellie, Quite a few BTL lenders accept borrowers with no minimum income. This means that you shouldn't face any special difficulty expanding your portfolio provided your rental income is large enough to cover your mortgage payments. This lack of non-rental income, however, may present you with some difficulty when looking to find a mortgage for your main residence. If you would like to talk through your options with a qualified professional, one of our advisers would be happy to point you in the right direction, Good luck!
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