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gstraw

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  1. Hey all! I'm looking to purchase our first property with bridging loan (note we have 3 BTL already but they have all been through BTL mortgages) Anyways I'm looking for recommendations for who you have used before and rough costs? I've seen from 0.5 to 1% per month but that's a massive difference. The property value is 100k and I'll buy it for 100k hopefully, spend 15k on it so I need 120k in total with fees and stamp duty. If ideally like to borrow 60 to 70k over 6 months. Many thanks!
  2. Hey! Does anyone know who makes the property hub university animation videos? I find them to be nice and clear and I am working on a startup company, and im looking for a similar theme to the video. If its someone who works for property hub, can you ask them if they fancy doing any homers? thanks!!
  3. Hey gents, thanks so much for both of your responses. really clear and consise! i think for the next 2 years i'll refinance as its easier for me the now and the ROI is still really high! thanks!
  4. Hey proprty hubbers. Having done a few of the university courses with PH university, i have realised the importance of having a mortgage on a BTL. My wife bought a property in cash for £47,000 7 years ago in Glasgow. Last year we transfered it into a limited company. Its probably worth around £55,000 now. Rental income is around £600 a month, service charges are around £100. So it leaves us with around £500 a month (I know...we were very lucky to get it but it was strictly cash only) I pressed my mortgage advisor and he said he could get me the following deal on this ex high rise, council house. I am assuming the valuation is £55,000: max LTV 55% (gross loan) [so im borrowing £30,250] Variable rate 6.49% or fixed rate 7.49% [not sure what one is better to go for] Both have a 2.5% Arrangement fee [of the amount borrowed or the total valuation] Solicitor fees 0.6% Title fee £100 Survey fee - £240 (subject to change) I have added in a screenshot of what the interest only charges will be and its around £188 a month assuming 7.49%. I am trying to figure out if this deal is a decent deal (i know its a terrible % rate but isnt it better than me locking up £55k in cash in a property?) I assume i can afford it because i have a spare £188 a month i can py towards a mortgage, as i am currently getting around £500 a month. My plan is rapid growth and i really want to buy another property, as now is the time to buy. I would love, if i could free up 30k to go and buy another 100k BTL property within a month or so.....perhaps in Liverpool or Manchester... Lastly, has anyone else managed to get a better LTV on a similar property (High rise, perhaps cladding, balcony, and a mixture of council and ex council homes in the block) Thanks in advance for your help!!
  5. Hey! thanks for the reply. I managed to get some more advice and yes, the tax wouldnt work out well in this case as i will be lending on this property. My Mortage advisor said that i need to get a BTL so I need 25% deposit which is too expensive for the properties im currently looking at. thanks!
  6. Hey everyone. I'm new to the forum but have heard great things from other folk. So I have a residential property where I currently stay and I have a company with 2 BTL flats. I now need to move out of my current residential, buy another one, but keep my existing residential for my parents. I'm trying to understand who should purchase my second residential property, as I plan to stay in it for a few years then convert it to a BTL, when we move to another bigger place in the future. We have the dreaded 4% extra stamp duty up here in Scotland which really sucks. My plan was for me to to buy the new second residential in me and my wife's name but we are both high rate tax payers and when we switch it to a BTL in a few years, we will get taxed heavily on the income. If I sell it to my company in a few years time, the company will be hit with the 4% I think. So do you recommend that I buy the new residential in my Ltd company, if I plan to rent it out in the near future anyway? And if this is the case, do I need to rent it off my company? My accountant is not the best and actually recommended I ask on this forum for any tips lol! Thanks in advance for anyone taking the time to reply
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