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Everything posted by steve_chynoweth

  1. Thank you both very much, these answers have given me a lot to think about and I have contacted my broker also. I really appreciate you both taking the time to reply, thanks again.
  2. Thanks for that, I presume that commercial mortgages are more expensive?
  3. Hi all, I am looking at a property that has a retail unit on the ground floor and a few flats/maisonettes above and behind. It also has a small 1 bed cottage at the rear. My question is... Could I buy this property using a BTL mortgage or do I need a commercial mortgage? Could I buy the whole lot under the one mortgage or would I require separate mortgages? This is virgin territory for me and I would really appreciate some advice. I hope you can help?? Thanks in advance, Steve.
  4. Hi Hubbers, Just looking for any recommendations for contractors that carry out Refurb work in or around Lowestoft Suffolk. Any help would be appreciated. Thanks in advance.
  5. Hi all, Just looking for a bit of advice regarding BTL investments. I am trying to calculate the amount of money i would leave in the deal until such time that I can refinance and try to pull some of my money back out. I am hoping to buy 3 or 4 properties soon but I feel that I would stuck after that as all my cash will then be tied up. Firstly.. Is it realistic to expect to pull all or most of your initial investment out of the deal? I am struggling to see how this could be achieved even with the properties that need refurbishment. I have found that the refinance only covers the original loan and part of the refurb costs. Is there an 'acceptable' percentage to leave in a deal? Secondly... Some people I have spoken to have said you can refinance after 6 months and 1 day, some people have advised against this? Is there any implications on my credit score if I refinance after only 6 months? What are the down sides regarding this? Any help or advice would be greatly appreciated, Steve C
  6. Hi all, My wife an I are new to the property investment game. I am just reaching out to see if anyone could share a basic calculation that they use to formulate an offer on a property that we would like to buy, refurb, refinance and then rent out. I am using figures that involve me buying in cash initially, then hopefully pulling my money out after the refurb, but the offers required seem too low and we haven't had much luck with our offers so far. I'm not sure if I should be focusing on buying with a mortgage so only putting 25% down then refinancing after 6 months?? Any help/advice would be much appreciated, Thank you in advance. Steve.
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