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nataliej

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Everything posted by nataliej

  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 appeal
  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 d
  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 propert
  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
  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!
  16. Hey everyone, I was just wondering what peoples past experiences have been not being able to get BTL mortgages, as I'll be applying for one later this year I was just wondering what reasons people have had in the past for being declined a BTL mortgage, such as not enough incomw or lack of experience.... Thanks in advance!
  17. Hi Nathan, That's great to hear that the majority of lenders will take commision into account! I'll definitely send you any questions I have. Thank you!
  18. Hi everyone, I was just wondering if anyone has had any experience with getting a residential mortgage when they also receive a commision alongside their regularly basic salary. Do most lenders include the commission, or do they only take into account your basic salary? Thank you for any advice you guys have!
  19. Thank you Simon, that's really reassuring that I don't have to wait 6 months. So just to confirm I can still pull money out of a property when I transfer to a longer term mortgage? I'm still trying to get my head around how that works haha! Many thanks!
  20. Thank you again Simon, much appreciated! I've been looking further into using a refurb to let product that I can then transfer to a mortgage with the same provider- if I do this would I be able to remortgage in the traditional sense when I transfer the short term loan to the term product to pull some of my money out. Or would I have to wait until 6 months after my mortgage was put in place. I'm not sure if the remortgage calculations are the same for when a property is bought with a mortgage from the beginning compared to when a short term loan is used at the beginning which is then moved to a
  21. Hi Simon, That's really reassuring to hear. I was worried that it would be difficult to secure this sort of funding for a HMO when I only have experience with BTLs. Are the income requirements of 'refurb to let' products similar to that of BTL products? (as I know that many BTL products require you to have a minimum income of £25,000) Thank you!
  22. Hi Adam, Thank you for the advice. Regarding the reburb to let products you mentioned, will I struggle get one as I have little experience with refurbs of a larger scale that is associated with HMO renovations? (compared to the small/medium refurbs I did with my BTL properties) Many thanks!
  23. Hello fellow investors! I started investing in BTL's last year, and I currently have 2 that are doing well. I followed the buy, refurbish, refinance model, so I have some cash available to invest as I've just remortgage both of them. My main goal is to replace my salary as quickly as possible, and currently if I continued investing in BTL this will take a lot longer than I would like. I'm really interested in investing in HMO's (using the buy, refurbish, refinance model- where I would buy a property that required reburbishment) however I've heard from a few people that this can be a l
  24. Hi Simon, I'm in a similar position to Ellie. I've purchased and renovated a few BTLs (Which required new flooring, kitchen, bathroom and general updating). However now I want to delve into HMO's. More specifically I want to purchase a property that I can convert to a 'mini-mo' / small HMO to start out with. As I want to use the buy refurbish refinance model to pull out a much of my money as possible, I'm looking for something that needs refurbishing. As I don't have much experience with this level of refurbishment, are there any short term refurbishment products available to me via provi
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