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arjunb

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  1. Thanks for your reply Julia. The vent isn't particularly close to a chimney breast, but something to tell my roofer for sure. Thanks very much again!
  2. Hi all, There seems to be a growing mould smell in between two walls in my home. One is a brick wall & the other is a plasterboard wall. After some rain over the past few days, the smell is getting noticeably worse. The smell itself is actually coming from the floor & the skirting boards. There is also a brick vent in the wall & it reeks of the mould smell, but it isn't wet at all. A photo of the vent is attached. Any thoughts on what this smell might be or where it is coming from? I think it may be a leak from the roof somewhere that is dripping on to the floor between the two walls. Looking forward to your comments. Thank you!
  3. Thank you very much Dino! That's really helpful! Cheers Stuart! Know of any lenders that do offer reserve accounts?
  4. Hi all, Was reading about offset mortgages & speaking to a friend who has one. Unsure if I understand everything, so wanted to get some advice from all you gurus on the PropertyHub Forum! Imagine I have an 30 year offset mortgage on my home with 75% LTV. Is it true that the capital repayment part of my mortgage goes into the offset savings account and the lender bills the monthly interest payment from my current account each month? This means that I can withdraw from the offset savings account on demand (say for BTL purchase, car, home improvements, etc.). Withdrawing from the offset savings account will push my LTV (& consequently monthly interest payment) up. Is this all true? If it is, what happens at the end of the 30 year mortgage term if I haven’t saved the outstanding loan in my offset savings account? I can obviously sell the home to repay the mortgage or remortgage (if under 75 years at that time), but any other suggestions? Thank you all!
  5. Hi all, Imagine there was £20k equity in a property that you can take out (i.e. below 75% LTV). Would a lender allow you to borrow against this equity in the property & deposit that extra borrowing in your bank account? Or is this not allowed? Asking since this (may) allow you to be a cash buyer for a property - a potentially enticing prospect.
  6. wow didn't know that at all. Cheers Stuart!
  7. Hi all, As above really. Have a mate who claims that he has an interest only mortgage on his home. Was wondering whether he is on about an offset mortgage? Or is interest only for your owner occupier home a possibility? Thank you!
  8. Hi all, I've got a problem with the above. My back garden backs on to a disused industrial area which has a problem with Japanese knotweed. The plant itself doesn't originate in my back garden. I didn't even know of the problem before this morning, when a gent turned up to my front door to treat it! I asked him about what on Earth is going on, quite bewildered & he said that he has been told to come & treat my back garden. That's when he explained the problem to me. Turns out that it has been treated twice a year since 2017 & I missed his visits last year because I wasn't in. I'm at a loss as to what to do here. Since the plant doesn't originate in my back garden, should I speak with the owner of the industrial property behind my home? Do I have legal grounds to pursue anything? I'm definitely going to call up his company & ask for some details, specifically, how bad the problem is & whether they think I need to take any more action. I'll also ask them how many years will this intervention take place & who is paying for it (i.e. who is their client?)? Worryingly & perhaps of more immediate concern, the man who came round to spray the chemicals spotted a piece of Japanese knotweed growing in my back garden! Thankfully, it is at the back of the garden & about 20 feet away from my home, but what should I do about that?! Thank you in advance!
  9. There are a few factors that are very different from 2008. Stuart touched on one of them above. Firstly, we are witnessing the greatest central bank response to any crisis in modern living history. Never has so much money been printed & used to buy debt, ever. All this money has to go somewhere & typically, it will go into asset prices. More importantly for the mortgage market, this means that lenders have more than enough liquidity to lend to households and corporates & this is exactly what the central banks want them to do. Secondly, this time round, interest rates are at rock bottom. In 2008, banks could afford to stop lending for a while because they were making healthy margins on their previous lending. This is no longer the case & precisely why we see banks (the Europeans in particular!) not doing well since 2008. Another important thing to realise is that the 2008 crash was a mortgage driven crash. The number one reason it happened was due to subprime mortgages. This time round, the crash is being driven by other factors & is primarily a problem for the airline & hospitality industry. As such, mortgages & the property market isn't directly affected & is affected through vibrations throughout the wider economy. Finally, lending has been much more stringent as of late (in comparison to 2008) & you could well argue that borrowers are of better quality than at the end of the noughties. Pre-08, borrowers were lying on their mortgage applications, lenders weren't checking the facts, etc. & then afterwards, we saw a knee-jerk reaction in which lenders thought everyone was subprime. But that simply isn't the case now, so lending shouldn't dry up entirely for those who can show a good plan & how the asset finance won't drown the asset in debt, especially if rates were to rise. Would love to hear everyone's thoughts on what I've mentioned, both positive & negative. Thank you!
  10. Thank you Julia! Given me a bit to think about. Optimistically though, HMOs that are fully managed by an effective & competent local property manager should theoretically take most of the day-to-day issues off my hands?
  11. Hi all, As a someone living in the capital with a demanding full time job, how realistic is an HMO as a first property investment? One potential path that I could go down in investing in HMOs in the North and giving it to a local property manager to (fully) manage? Here, the goal would be to generate decent cashflow as well as saving for the next purchase. The property itself wouldn't require any large refurbishments & I wouldn't intend on remortgaging the property within the first one year, but rather after the mortgage's fixed rate period ends. The reason for asking is because everything that I have read warns that HMOs are more time-consuming than single lets & implies that buying an HMO far away from where you live can be even more time-consuming. I'd be able to visit the property on most weekends if required, but I don't really want to need to do this. It would be near impossible for me to visit the property during the week except in an emergency. Looking forward to hearing from all of you. thank you!
  12. Thank you for your reply Lilla - I really appreciate it! In response to your final paragraph, it's the second. But I'm definitely thinking that I need to get a mortgage broker's help, especially after I've realised how intricate these applications can be! Thanks again!
  13. Hi all, How do lenders (& solicitors for that matter, from a legal perspective) view a loan from family members for non-deposit related acquisition expenses (solicitor fees, SDLT, mortgage product fees, etc.) for a limited company BTL or HMO? I fully intend on paying them back & my numbers tell me that I will be able to do so, but will lenders object to this? How about solicitors? Structure wise, my family would lend me the above expenses to my personal bank account & then I would make this into a director's loan to my SPV. I would pay my family back over the course of a few months, either by repatriating funds from the SPV to my bank account & then to theirs, or out of my personal salary. Thank you!
  14. My SPV is newly formed and has no trading history and no assets. Is my credit score important for mortgages that this limited company applies for? Also, will I be required to provide a personal guarantee for the mortgage? thank you!
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