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About kirsty_c

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    Established member

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  • Areas I invest in
    BTL, Commercial, Development, Bridging
  • About me
    Property investor & Commercial Lending Manager at Real Finance Ltd. An experienced banking professional with over 20 years specialist banking and commercial lending experience.
  • Property investment interests
    HMO, Multi Units, Holiday Lets, Semi Commercial, Commercial, Refurbishments & Developments
  • My skills
    An experienced banking professional with over 20 years specialist banking and commercial lending experience.
  • My goals
    Portfolio Growth & Assisting others with their requirements for finance in the property sector.
  • Interests outside property
    Live pianist. Badminton. Working towards my PPL

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  1. Hi Alan We have some lenders who will fund mixed use properties. Happy to have a chat around this if you want to get in touch (contact details below) Regards, Kirsty
  2. HI Adele We are a specialist broker and can help you with this if you would like to get in touch. We already assist a lot of clients in the NW region. One of our team is based in the NW if face to face is essential. Regards Kirsty
  3. Its frustrating when you aren't getting the decisions you want, but Banks and lenders are businesses and they don't play games. They have very clever people in house who closely monitor the performance of their lending book, and the ever fluid external financial climate. This information is used to adjust their appetite accordingly. If a lender appears to be tightening up, this will be a result of them getting bitten somewhere or concerns with external changes in the sector and that is their reasonable justification. Clients may of course vote with their feet and refinance elsewhere if th
  4. It looks like what you are researching is known as a Multi Unit Block, (MUB) One building on one title, but is physically split into 3 self contained flats within. This will not work on a standard single unit BTL product - you will need a lender who offers a specific MUB BTL product. MUB products tend to sit under what most lenders describe as their specialist BTL products - which are slightly higher in rate and have differing criteria.
  5. The 6 month rule is common, but not in place for all lenders. We have several who do not have this as a requirement
  6. Once you have done the required works then obtaining a mortgage somewhere shouldn't be an issue. Even the most quirky of properties will have a home with a lender somewhere. If anything a valuer will be in a position to confirm that the property has recently been refurbished and is all new and shiny and thus excellent security for lending purposes.
  7. Hi Ben A 8-12 bed HMO is a complex asset for a first time landlord and the challenge would be getting a lender comfortable that you have the ability to manage this. What is your background or relevant experience in this regard? Do you (or any other persons involved - I note you said 'we') have any prior investment property experience, owning, managing, surveying etc? In selling your home, what would your residential status be? Would you buy a smaller property to live in? (some lenders require you to be a homeowner) Are you looking at buying a property that is already a configure
  8. If your current broker is suggesting that limited company mortgages are niche or too complex then it may be time to find a new broker. Since the tax rules of recent years no longer allow mortgage interest to be deducted as a property expense in personal names, many landlords have switched over to a company structure to take advantage of the more favourable tax treatment in limited companies. Most lenders in the BTL space cater for applications in both personal names and limited companies although sometimes the limited rates are a little higher. With regards your original post, you
  9. Hi Kyle Repayment & Interest will reduce the loan balance of the second loan over time, the repayments will be higher. Interest Only will not reduce the second loan over time, the repayments will comprise only interest and be cheaper. Lenders generally aren't that keen on offering interest only mortgages on a main residence unless you meet some pretty strict criteria, however if the lender is offering you the choice then it really is up to you and which of the above is more suited to what you are trying to achieve.
  10. My experience is also that 3-6months will be requested. If its a basic salary increase the lenders should happily accept your new salary as the new base point as this will be the income which applies moving forward. You could forward some documents confirming your pay increase with the payslips.
  11. You should get a BTL mortgage on the property. Pictures suggest it would benefit from some modernisation, but appears 'habitable'. EPC requirements are usually E or better which is met. However you will struggle to get a BTL mortgage completed in timescales typically expected under auction purchases which is usually around 4 weeks - (what timescales are you expected to work within?) Most of the lenders are slower than usual, staff working from home, increase in applications due to the SDLT holiday, etc Many Valuations and Legals seem to be taking longer than usual, again some
  12. Lender appetites are pretty low on commercial retail assets, particularly trading shops which have been affected by COVID. Unless the shop tenant is an 'essential service' business -newsagent, dentist etc and has operated with no issues through the pandemic then you are going to struggle getting lenders on board at this time. Brokers on here aren't going to tell you which lenders to use, for you to return with that information and do the business through your original broker . A couple of the lenders I regularly work with will go upto 70-75% if the asset is right and rental income stac
  13. I think the main issue with answering the question is that you doing the reverse of what a broker would. A broker first assesses your whole circumstances, then uses contacts and experience to steer towards lenders who will work with your situation, and then will show you the best rates and deals which accommodate your requirements. The problem with rate chasing first is it gets painful when it becomes apparent that you don't meet specific criteria of the product you are targeting and have to keep changing direction and trying another. There's lots of lenders out there with hundreds
  14. The reason you haven't had much response on this post from the many brokers on here is because there simply isn't enough information provided to give a sensible answer. I wouldn't be doing a very good job as a broker by giving you rates based on the limited information you provided - I would need to understand more about you and the property to see which products and lenders would assist. Vin took the time to reply to you above and attempted to ascertain some key points which would determine if you fit mainstream products or would need a lender with a more flexible approach so I thi
  15. Hard to comment entirely without seeing the numbers however most refurbs mean you would not get a BTL lender to initially fund the property if you plan to go and start pulling it apart. This usually means you could turn to a short term/Bridging facility for the initial purchase, do the refurb then get a BTL lender to finance at the increased value post completion of the works. Bridging financing is more expensive than BTL lending and you would have interest, arrangement fees, valuation and legals to cover in your project costs. If you have cash or the ability to release capital to fund t
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