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nataliej

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  1. Hi guys, I know HMO's are quiet popular amongst some in investors, however they seem to me to be so much hassle and whenever I speak to agents they always talk about high turnover of tenants and tenants not getting along (Especially in bigger 6+ room HMO's). Although I like the idea of a high cash flowing property the standard BTL's are currently more attractive to me. However I've recently come across a few case studies from investors who have investing in 'mini-mo's', where there are only 3 or 4 rooms. The cashflow seems to be there and less tenants in one property is really appealing to me. Does anyone have any experience investing in smaller HMO's, is there anything else you have to take into consideration when investing in a smaller HMO compared to a bigger one?
  2. Hello! I've been researching further into the rental demand for BTL's in the different areas of Manchester, as I would like to start with a few BTL's before progressing to bigger projects. I've found that most people speak about rental demand for BTL's in terms of young professional couples, and although I'm not against renting to young professional couples the idea of renting to young/mid income level families has always been really attractive. Do areas that attract to young professionals also attract young families? I understand that schools will be a big factor in young families deciding where they would like to rent. Does anyone have any experience renting to young families and can advise on any areas that are high in demand from these type of tenants? BW, Nat
  3. Hi Stuart, Would it be possible to remortgage a residential mortgage onto a BTL mortgage after a few years of owning my home, or is this still considered 'flipping'? I know you said that most lenders will decline a BTL mortgage application if this is what they think you are doing...
  4. Hi Millie, I've been looking into HMO licensing in Manchester recently too. I don't know if I'm missing something but agree with you in terms of it seems impossible to find an area in Manchester that doesn't have Article 4 in place. I'm also a bit in the dark about what happens if you purchase a property you wish to turn into a HMO, but then get denied a license. If a property doesn't have a HMO license but you wish to turn it into a HMO, is this just a gamble that you have to take or is there a way of finding out if you will be accepted to get a license before you purchase a property? If anyone with experience turning a C3 into a C4 dwelling could shed any light that would be so helpful! Nat
  5. This was my goal this year! To buy a property, add value and refinance to pull out some cash to invest in a BTL. Obviosuly now I'm not confident doing this and I'm thinking of waiting until spring time next year (or whenever prices start to drop) to buy something cheaper and then just wait until prices start to rise (who knows when that will be) But my main concern is that if prices do crash and we have a bit of a wobble, will mortgages me hard to come by, so then I've waiting to buy but then can't? It will be interesting to hear other peoples plans if they were hoping to go down the BRR route this year too!
  6. Hello!I was hoping to buy a residential property at the end of the year, and follow the BRR where I add value to it and then refinance to pull out some cashHowever all I've heard is that prices are going to drop/crash after the stamp duty tax relief ends early next year, so I'm not sure if now is a right time to use this approach? However I was relying on it to raise some cash to invest in a BTLIs BRR completely out the question now for the foreseeable? Or is there still leeway to add value and refinance after 6 months/a year? In the property market?
  7. Hello! I was hoping to buy a residential property at the end of the year, and follow the BRR where I add value to it and then refinance to pull out some cash However all I've heard is that prices are going to drop/crash after the stamp duty tax relief ends early next year, so I'm not sure if now is a right time to use this approach? However I was relying on it to raise some cash to invest in a BTL Is BRR completely out the question now for the foreseeable? Or is there still leeway to add value and refinance after 6 months/a year? In the property market?
  8. Hi guys, Just wondering what people usually pay for an application to turn a residential property into a HMO in an article 4 area? Does this depend on the area and type of property? Thanks!
  9. Thank you Scotty, when people ask their lenders for a further advance - do the lenders usually want to know what the money will be used towards? I've heard a few people say that lenders sometimes don't like it if the further advance is used for property investment?
  10. Thank you very much for explaining the difference! Regarding further advances, how much are people usually able to borrow with the existing lender?
  11. Hello everyone, Is there a difference between a re-mortgage and a further advance when releasing equity from a property? Is one favourable over the other? I am looking to release equity to invest in an investment property. Thanks for any input in advance!
  12. Hello! I was just wondering if BTL mortgage lenders sometimes offer extra borrowing or a further advance for improvement on the property? I understand that BTL lenders don't accept mortgage applications when the property is inhabitable, so the extra borrowing would only be for cosmetic upgrades. If anyone has any other experiences of using other finance like secured loans that was used to 'spruce up' their new BTL that would be appreciated! Thank you!
  13. Hi! Thank you for your response - I currently have 1 BTL property, so I don't have any experience with HMO's yet Thanks!
  14. Hello! Does anyone have any experience remortgaging a residential property onto a HMO mortgage? I'm curious is this is an easy thing to do?Also will remortgaging onto a HMO mortgage affect how much equity I could pull out? Compared to if I just remortgaged normally onto another residential mortgage? Thanks, Natalie
  15. Hi Simon, Regarding the short term refurb loans, do lenders usually lend you the full renovation costs? And if so how do they calculate the cost of works- will this just be based on a detailed builders quote? Thank you!
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