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About kilbyhousing

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  1. Hello Everyone. I thought I would update you all on my situation. I decided to use another mortgage advisor. I got in touch with Matt Cottrell @ Phoenix Mortgages who has set me up a mortgage offer with Precise Mortgages. No issues or dramas this time round. However I am not out the woods yet, I still have the solicitor searches and the other unexpected issues which may arise during the transaction. The first hurdle (major hurdle) is over and done with now. I am still unable to get a reason why TMW pulled the application. Either way, I managed to get a better deal with P
  2. Hi Stuart, I agree, It's not a good situation. This was the 3rd mortgage application/purchase last year with TMW. The other 2 applications went through just fine with no issues, the same information was sent. Maybe I was scaling up my BTL portfolio to quickly, purchasing 3 properties last year. I have to wait and find out what info my broker can obtain. Regards, Craig.
  3. Hi all, I want to gauge if anyone has struggled to get a mortgage recently? The mortgage works pulled out of the mortgage application and provided the following statement; The application has been declined by our head office. In this instance we are unable to provide further detail regarding the reason for the decline but will be unable to proceed with the application. The mortgage amount was £66,000 being purchased by my Ltd company. This is very annoying on my part, as I am financially & time committed and lost out on a very nice 1 bed maisonette. Regards,
  4. Hi all, I am scaling up my property investment portfolio. I have applied for 5 mortgage applications alone this year. This is taking a toll on my credit score, essentially halving my score to how it was at the start of 2020. The plan is to continue scaling up, potentially 2 mortgage applications planned for next year 2021. My question is; How do other investors deal with this situation with regards to hard searches affecting your credit score? Am I being too ambitious? Regards, Craig.
  5. Interesting Post. I have recently incorporated. I own 2 properties in my personal name and I currently in the process of purchasing another 2 properties under the Ltd company. I have gifted the money to my company for both purchases and both me and my wife have given "Personal Guarantees" for the mortgage. I never considered a loan to be repaid. If I am understanding this correctly, Releasing the money out the business is tax free, even before Corp tax? until the original loan amount is repaid back to me? Thanks, Craig.
  6. Hi Sean, I am having trouble with the EWS1 controversy. I own a 1 bed flat in a 4 storey building that is under 10 Meters. Currently trying to remortgage through the TMW. However the valuation come back as £Nil due to EWS1. The managing agent out rightly will not complete a EWS1 due to the building being under 10M height. However ,I have read the "Advice for Building Owners of Multi-Storey, Multi-Occupied Residential Buildings Supplementary note to advice dated January 2020" by the Ministry of housing. Advice 8. - 8.3 states; Does not have - or have provision f
  7. Hi Scott, Congrats bro, I inserted your info into my spread sheet. very similar results. Good purchase!
  8. Hello all, I've heard on the property podcast about TDS being the next PPI claim. Well, while browsing social media I come across this Add below; The company is claiming they can easily check your current deposit status and previous deposits from historic tenancies within 6 years! A scary thought for some Landlords, especially if you started with a potentially dodgy Estate agent. Certainly looks like this will start being a real issue to landlords who may, unknowingly don't have the deposit correctly protected. I manage my tenants, and always followed the correct guide lines. Howeve
  9. Hello all, I have been viewing many properties lately and due to the EICR requirements, noticing more often than not, very outdated consumer units. I am no electrician, However I have found this article regarding 17th & 18th gen consumer units which may interest to some of you. https://www.electricblu.co.uk/do-landlords-need-metal-consumer-units/#:~:text=Currently%2C new tenancies will require,waiting until the last minute. https://www.tlc-direct.co.uk/Technical/DataSheets/Hager/Hager_17.pdf I am struggling to find major visual differences between 17th & 18th gen. D
  10. Hi all, Please can someone provide some feedback on my property I have recently purchased for a BTL with respect to my Net yield and ROI. Purchase price £72,000 Total investment £22500 Rental income - £550 - £600 based on similar properties that have let in the area Ground rent & Service charge - £540 Annually ROI - 13.9% Net Yield - 4.35%
  11. Hi all, I've been doing my research on buying properties at auction. I have been reading the legal packs to familiarise myself with this information. Reading the special condition, Clause No.4 The seller sells with no title guarantee. Has anyone had any experience buying a property with this clause in the contract? What reasons would there be for a company or persons not guaranteeing the title to the property upon completion and monies transferred? Regards, Craig.
  12. Hello all, So last year my tenants who occupy a 1st floor flat experienced a water leak from the bathroom. I have resolved the situation now however I am after some criticism if I handled the situation correctly or not. As mentioned, my tenants experienced a water leak from my first floor flat, coming from the bathroom, no fault of their own. However they decided to inform me of the leak after having 2 FULL BATHS each!! (Tenant logic). Anyhow, they informed me on a Sunday evening, Typical..... So I went straight to action to identify the leak and prevented it from getting wors
  13. Hello, I live local to Leamington Spa. Good investment in the long term. I have punched your figures into my excel spread sheet I have attached for your reference. The only thing I think you may have missed is council tax for the 2 week period of unoccupancy and maybe a utility bill. I worked out your ROI to be 3.9% and net yield to be 1.29%. Regardless of these, I'd say Leamington is expanding and I expect the property prices to keep rising and the demand is always their. I inspire to also own a property in Leamington, however they are over my budget at the moment. In my spr
  14. Hello, Thank you for reading myself and wife's joint BTL journey. The vast knowledge and resource that is available here is amazing. I purchased "The complete Guide To Property Investment" by Rob Dix. Which has led me here! Unfortunately I discovered this information in September 2020, few years after starting our BTL adventure. Our Journey started in 2018 where we purchased our first BTL in Coventry. Why Coventry? Well, Coventry is home is Cov university which is known for there engineering education and also home to Jaguar Land Rover engineering centres. Coventry is also exper
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