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  1. Hi @sijfish, I have purchased off-plan BTL, exchanged 5 years ago and only recently completed. One thing I have learnt that mortgage may be tricky if the off-plan BTL is targeted at investors especially apartments. I have 2 decision in principle and both was rejected when it reach valuation stage. It is interesting that you cannot exchange before mortgage offer, my recent experience is the lender would need to be able to send their surveyors out for valuation before approving the mortgage. If the place is not ready, I am wondering how will the valuation take place if contract have to exchange before mortgage offer? As @onkar mentioned, you should put in application few months before completion as lenders have quota for each development (20% or so), I am assuming you are buying apartment. If you have mortgage offer and it expiring in 3 months, speak to them and they usually will be able to extend it. Do speak to your broker and sometimes they are able to check with lenders if the property is okay for lending or if they have met their quota. Good luck to you!
  2. Hi Roy, Are you based in G. Manchester? I am based in Manchester and recently starting out my property journey. Still looking around for deals and my plan was to start with refurb and flip. Do you usually buy, refurb, then let or you buy a ready to let place? Regards, Brax
  3. Hi @MarkC, can I have a copy as well please. I will pm you. Thanks.
  4. Hi all, I hope someone would be able to provide their opinion on my condition as I have asked a few accountants and solicitors and have got conflicting answer. Situation: I exchanged before the 3% SDLT was enforced. I am going to complete soon but the developer introduce a new deed of variation. Question: Will accepting this new deed of variation sudject me to the 3% SDLT? Thanks. Brax
  5. I think it depends what is your goal. Is the house a BTL? How long you guys planning to keep? It worth speaking to a property specialist accountant on how to set it up should you wish to proceed as it is very expensive if it wasn't setup correctly (Not my personal experience but from reading and speaking to other people). Should you agree to JV with your cousins, would recommend to get a solicitors involve to draft agreement on the JV. Such as who has the final say, what are everyone's shares, who will be paying for repairs, etc and etc. I always feels money is very sensitive issues and it brings out the worst of a person sometimes... Good luck!
  6. For yield it will be divided against the purchase cost. So it's 3.75% Equity and ROI is correct. Personally I don't think there is any different when refinance is involved. The only different is more cost need to be deducted from your ROI as refinance involve additional cost like sols fee, mortgage product fee, broker fee, and etc.
  7. Hi Johnnp, With regards to your option 2, I am in similar situation as you do. I am 1 year into my 5 years fixed deal. I rang my mortgage provider and asked how much would it cost if I would like extra borrowing, if I will need to pay ERC, legals, and etc. She explained to me that the only cost occur will be the re-valuation fee and product fee *if the product has a fee*. There will be no ERC or legals because it is consider a second mortgage. The second mortgage will be 2, 3, or 5 years depending on the product. The only downside I can see was the 2 mortgage will be ending in different time (for my case) and to try and combined the 2 mortgage when I remortgage will be.. shall I say interesting. I am based in the North West too. Maybe we can connect and keep each other accountable for our journey. Brax
  8. Hi Adam, Thanks for the welcome. It is very unlike I could to reduce my hours at work, although I might ask my manager about it. Never hurts asking right..? I am fully aware that getting a mortgage without income will be difficult and planning to start with my own capital. Currently have about £20k in the pot and looking at the option of releasing equity from my home or start JV with friend which we have been talking about it. So currently looking at all possible source. I would imagine getting a mortgage will not be in my plan for the first 2 years, however will see how it goes. Brax
  9. Hello fellow hubbers, I have start setting my goals, and did a lot of reading in this forum from people’s experience. I am determining to leave my job this year (by April) and get started with my property journey. I am 34 this year, should this fail, I could always go back to my current job. There is nothing to lose… right? I am also well aware that if I do not leave my job, I will never do it as it is difficult to focus. I am also well aware that I am the type that will always find ways to resolved a problem. Listing a few points which came to my mind and I will start a post in Progress Journal. Setting goals. Sorting out my finance, establish capital I have. Introduce myself in property hub. Engage with one of the hubber here. Looking to speak to accountant to set up my company. Researching for opportunity. Start my progress journal here. My background. I have always liked hands on stuff like renovations and have always wanted to buy, refurb, and sell. I almost quit my job 4 years ago to start a joinery business with the goal of buy, refurb, and sell after a few years. However, I was scared off by the accountant I spoke to. Reason being, I was on around £30k + salary and she questions the goals of the business. As joinery, it difficult to achieved this amount and at those time, I could not see the profit from BTS could make me achieved £30k income. I went home and did some calculations and I had to admit I was pretty short sighted that I just could not see how I can make a sustainable income from BTS in 3 to 5 years time. I may have look on the profit side heavily as I came from below average family, and I have been working very hard to built my financial safety net. To lose a job that pays pretty well, into unknow it just extremely scary and put me off as I do not have anything to fall back. I am very independent since young and asking for help is just not my personality. Therefore, to have the thought that should I lose everything I would have to ask for help just unbearable. Maybe it was the shame that comes with it too. I was single, I had mortgage to pay, so I was being very cautious with my financial situation as I got nothing to fall back to. Who haven’t been in that position? I am engineer in my full-time job and have always hated co-operate world. I knew deep down in my heart that we are all just numbers to the higher above. When you could not hit the financial goal, even when you are able to provide the good reasons for it, even when you explained why other projects are more profitable, even when it was the sales department that gives heavy discount to win the projects, it is your fault and your problem for not hitting the financial goal. End of. Nothing matters. I am sure a lot of people can relate to that. I stumbled across this forum while researching about potential property financial investment end of last year. Reading other people journey have reignite my dream. I am currently waiting for an off plan investment to complete, the completion date have been delayed for almost 9 months now. The off plan investment was a decent one, however I definitely learnt quite a bit from it. I was told stuffs which were not true at the point of sales 5 years ago, and I was in the limbo of getting mortgage as it is close to completion, then I decided to accept the uplift from the developer to flip provided if there is a buyer, meaning I will need to complete it should there is no buyer. The developer went quiet for almost 2 months and I was worried, I asked if a buyer have been found and was told there are interest and viewings, and should exchange soon. I then decided to engaged a mortgage broker to help me apply for mortgage, and have been given some good news, I decided to go ahead with applying mortgage and complete the purchase. I rang back the developer and I would like to complete the purchase and they did not even try to convince me to flip. That lead me to think they are struggling to find a buyer. Moving forward today, I am still waiting for the mortgage application to approve, and have not heard anything back from the developer. My last conversation with the developer was I am looking to exchange in mid – Jan, and I am not chasing them up as my mortgage is not ready. As those who had in the property for a while, we all knew that it takes time for completion, especially when a large developer is involved. I will have to ensure that I get that BTL complete before I leave my job as without a steady income, I would not be able to get a mortgage. I shall keep chasing my mortgage broker and as soon as the mortgage is in place, I will start chasing the developer for exchange. Meanwhile, I am getting myself prepare with all other point I have listed in the beginning of this intro. I will have my next post in the progress journal. I am based in North West and if anyone looking to connect, please give me a buzz. Thanks for reading and have a good evening! Brax
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