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About mikethomas

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  1. Good morning all, Is it possible to get an Interest Only Mortgage for a residential property? Mike
  2. Good morning all, So with educating myself in property I suddenly notice any house that looks vaguely as if it is unoccupied. When running a month or two back, I suddenly noticed 4 unoccupied bungalo's next to each other in a small village about a mile or two outside of the town I live. Anyway, I went back a number of times to confirm that they were empty and finally went and asked a neighbour after I could get no information phoning the council. It turns out they belong to the council, and have been empty for over two years. It seems like some work has started on one to fix it up a bit.
  3. I have come across a 145% rental to mortgage rule. The way I understand it is that of your Mortgage is £100 per month, your Rental will have to be £145 per month. Now, this is probably attainable for properties less than £100000, but for higher mortgages, this becomes unattainable. For example, no-one outside of London or Cambridge will pay £1200 per month for a 2 bedroom house. Am I misunderstanding this? How does one get around this?
  4. @markwarren I'm based in a little town in the centre of Suffolk called Stowmarket. I'm still working out my exact strategy, but at this stage recycling cash and building a portfolio seems the way to go...HMO's are also something on my mind, but I'd prefer to have some more experience before taking that on.
  5. Hi everyone, I have a long sob-story of how I ended up here, but quite frankly it bores me so I will spare you the details. My name is Mike, and I am a South African who has been here for just over four years. I really wanted to get onto the property ladder sooner, but house prices and extreme deposit requirements have prevented that. So, I thought the thing to do would be to buy cheaper properties and rent them out...and the research started, and will continue. For the moment I have gone back to looking for a house to buy and live in first, and then venture into BTL. I am determined to s
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