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About ayns

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  1. Interesting. I already have 1 BTL and I am looking to buy another close to that one , or in another area near the city that I know well. In my eyes anyone who is listing a house at the £90 - 120k mark at the moment needs to sell. Also with the market having tightened up re buy to let mortgages the market is open for those who have 40% deposit and can side step in person valuation. surveys due to this. I would expect houses that are being listed for £100k and are BRR targets to be going for £80k or less based on the property drop I saw in 2008 in these areas (some that sold for £59k in 2009 are being listed at £100k +). Houses are still being listed for more than they have ever sold for though in the areas I am looking, maybe the slow down will really hit in 2-3 months..delayed effect. I'll be aiming for 20% under listed value at the min i think, who knows whats going to happen to the economy over the next 6-12 months
  2. Plus over the next 6 months it would have to be a great deal or two to justify it, certainly going to be a bumpy market I feel
  3. I could afford to put in 40% I just wouldn’t want it stuck in there for a long period so wouldn’t be a problem if I could pull a % out in the future
  4. Yeah its a tough one and also at what point to buy in this cycle, is it going to last 3 months, will it be a slower market for 2020 in total, who knows right now
  5. Hi all, I am getting my ducks in a row with regards to buying a BRR. One thing that I have noticed with some of the areas I have been looking at is that some properties have not increased an awful lot in value in over a number of years. One property I have looked at sold for £75k in 2007, the agent has listed it for £100k however it is a renovation job and I dont think I would pay more than £80k max, some of the houses in similar condition on the same road have even sold for less than the £75k 2007 price, one sold 12 months ago for £60k (obviously not sure on its condition) . Lots of houses being listed for upwards of £100k however not much seems to have sold at that price recently. These houses are in an area just outside Nottingham city centre, good transport links etc and lots of investment ploughing into the city. Questions are: Is there certain areas that only ever marginally increase in capital value and actually your best bet in these areas is to focus on rental yield? Current rental for a 2 bed in this location is £550 - £600 per month for a well presented option. Its it possible that they are actually worth more, however due to the recent market over the last 6 months and current situation sellers are yet to achieve those prices? in a challenged market, what is a fair % discount to achieve on property, obviously I know as much as possible however sure its a fine line between over paying and on the flip side missing out on something because you went in far too low. Its just seems that the houses are being listed at what the estate agents see the current value at, but not on sales that are listed on land registry. Naturally I am very twitchy about over paying in this climate...and of course if I am investing I want to get the best return I can over the next 5 year through BRR. Thanks
  6. Pull the money out of your BTL up to 75% ltv and buy another investment, no point in having £120k just sat there when you could spread it across another 2 investment properties especially given where we are in the cycle. Good opportunity to get deals now if you can, then will be some serious growth for 4-5 years so why not benefit from capital gain across 3 properties rather than 1. Plus you will still get the monthly income having them on interest only. No prize for being mortgage free if you can use "good debt"
  7. Prop better off dropping the rent to get it let for 12 months, we had to do that in 2009 and it worked ok, 20-30% reduction and actually the tenants stayed throughout the entire time the market was turbulent
  8. Anyone is entitled to take a mortgage holiday. Normal rules are based on your financial / repayment history and if you have overpaid previously. It’s not free, they are just instructing lenders to give it. Will will be rolled into your remaining balance therefore you will pay more through compound interest and your monthly mortgage will then increase in cost after the holiday period.
  9. Thanks. Its interesting isn't it, this will still extend peoples financial commitments as it will still accurate compound interest. Although if you literally cannot pay the bills then it helps. I've just got an amazing deal on some personal finance which I am stashing away. Very small (53 days interest) early repayment clause, can repay whenever (if thinks iron out in two months give it back) very low interest paid over the full term if you decided to keep it for 5 years (£700 interest on £10k). No payments for the first two months as well (doesn't effect the % or over all amount paid) . Could be worth looking at if you are going to have some paid short term and dont want to re-mortgage / mortgage holiday and have good credit / can afford the payments etc/ I have take this decision to deal with any humps in the road, or opportunities that arise for investment, rather than taking about other means of finance / re-mortgage etc. Not sure if it was wise but for me it all added up better than taking out mortgage holidays etc. I will add I have a chuck of funds coming through in the future so wont have this hanging over my head for ever which probably helped with the decision. Does give me the cash flow short term though to make the most of anything that arises
  10. Hi, Great that there is opportunity out there. Can I ask what the over all value of the property was just to get an idea of %? I am keeping track of properties hitting the market over the last 3-7 days here in Nottingham and some are still being listed at very optimistic amounts, as in 20% over what I would want to pay - based on me factoring in the future value following a light refurb etc not leaving much room for re-finance. Also, how will you keep the sale moving with the restrictions on movements and working patterns with the legal bods etc? Would it take till this is all over to complete on it which may risk the seller pulling the sale as the market has levelled out or are you still confident of completing in 4-6 weeks? Thanks
  11. Thanks..I was thing more personal loan to stash away rather than a re-mortgage as I would be hesitant to be too heavily leveraged during a time of change. was talking to someone the other day about personal borrowing, I can get a great interest rate deal with very low early repayment charges if I just wanted to give the money back in 6 months if no opportunities became available.
  12. Hi, With borrowing rates an at all time low...I have a good credit rating with 1 x BTL property and looking to expand. Would you recommend borrowing money now (15-20k) and stashing away for use if good investment opportunities present themselves during these Coronavirus driven times? Those with cash often win and can feel that the economy will be in for a rocky ride and opportunities may present themselves Thanks
  13. Certainly does thank you. Indeed i was hoping that spending the 10-15k will likely push the value up by at least that, plus will increase the monthly rental by nearly £100 per month as I have long term tenants at the moment which are getting a good deal on the basis that It hasn't been refurbed for a while. By this point I would probably have about £65,000 worth of equity so yes in the future should be able to pull out a good chuck as the market picks up. I would like to invest as much as I can in the next 12-18 months ideally giving me the options to sell in 5 / 6 years time when the market peaks or at least benefit from some good re-financing opportunities as the market grows. Thanks for confirming residential, I would like to keep chipping that down. In terms of buy to let mortgages, I have a great adviser for my residential property however he only has a network with his panel so I think he is a bit restricted on finding the best buy to let deals at 75/80% LTV. Any specific lenders that you guys would recommend? I'm not setting up an SPV or anything at the moment so doesn't have to be that specialised Thanks again
  14. Thanks, Its not a case of whether I spend that money or not more wether I finance it through a remortgage or spend £10k of my own cash?
  15. Does anyone have any thoughts on the above? Appreciate theres quite a lot of content here but any insight on what would be best to leverage and switching to interest only etc would be great. Thanks