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About stevewalker

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    Established member

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  • Location
  • Areas I invest in
    BTL's and HMO's
  • About me
    35 years a broker dealing with the more complex cases from mortgages, secured loans, bridging and commercial finance
  • My skills
    Placing complex finance mortgages and loans
  • Interests outside property
    boats and home

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  1. i wish I knew more details of his business - sorry. he is always on holiday that's for sure
  2. Kevon Also referring to this point "I know the govt budget is allowing 5% deposits for anyone regardless of status soon, but I am still interested to see if I qualify as a first time buyer." Whilst the government may not worry about previous credit, any lender considering 95% LTV lending will be very interested - the slightest hiccup could scupper all plans. If you have a poor credit history it may be worth looking at help to buy so you can approach lenders with a lower LTV which can accommodate credit issues. Starting point Get a credit search - they are fre
  3. Hi Alex i have just answered another query on this forum so i will cut and paste the info below I agree with many of the points above and don't leave your self short of time - if you need to extend the bridge many lenders charge default rates which are 2 or 3 times the normal rate - backdated to day 1 - so going 1 day over your 6 month agreed term could cost you an extra 2% per month for the first 6 months. watch out for the small print. However my advice is to step back and look at your wider assets and requirements first. Do you own other property - can you raise finance
  4. I have a few ideas Deb. A bridge to let mortgage might save you money and give you greater certainty of the exit - read more here An 85% LTV bridge might help you get more cash for the works at day 1 - watch video here (we are busy on this lender so not the fastest) If you have equity in your own home I think this product is brilliant - a flexible overdraft you can dip in to and far cheaper than bridging - check this out (a great long term tool / strategy) And if you have a portfolio of BTL's with some equity, here is another angle on the overdraft loan - another video o
  5. You need time but I know someone who does this full time and makes a fortune. Goes for high quality fit outs and rent houses long term and then rents them out as HMO's - often to students - from memory more than doubles his money on each property. in some cases he just manages it and charges a large fee for doing so - the owners still get a better yield so they are happy - if you could make 30 to 40% without owning the property???
  6. These new regulations carry some hefty fines and come in to force today - April 1st 2021 In short, All properties rented out will require an ECIR completed by a competent or qualified person to confirm the property is safe. This applies to new and existing tenancies. The fine for non compliance is £5000 rising to £30000 if landlords re -offend There are a few exemptions but don't expect them to apply Here's a video explanation Good luck out there Steve Walker www.PromiseMoney.co.uk
  7. Adam is correct - numerous lenders have launched 95% LTV mortgages in the last couple of weeks so the scheme may not be as important as it first appeared. Lenders are definitively relaxing and so long as COVID doesn't spike again i an sure they will continue to do so. Steve Walker www.promisemoney.co.uk
  8. I agree Adam - professional landlords such as those on this forum will be aware and get it covered. But there will always be some who fly by the seat of their pants and don't worry about this kind of thing
  9. Nick - they may allow a further advance with TMW (assuming it meets policy) - but not with any other lender. I am in the process of remortgaging someone from TMW because they wont grant a further advance and wont let anyone else register a second charge either. You may get an exception if the total proposed borrowing (the first and second charge) is below 50% LTV. Otherwise I fear not
  10. I expect most landlords are aware of the £5000 fines for letting a property without an EPC of band E or above. If not here is an overview of the current rules you need to know about right now. But did you know the Government are consulting on increasing fines to landlords without EPC's of band C or above to £30,000 per property, per breach. There is a link at the bottom of the article to the consultation document. Steve Walker www.promisemoney.co.uk
  11. If you are thinking of bridging check out this 85% LTV bridge which is aimed specifically at your scenario. Video - 85% LTV bridging for refurbs and BBRRR's If you can get a copy of the valuation we can it run past the lender at the outset so you don't waste time or money. That said there are other lenders which will take a more flexible view but its a gamble and you may well end up being tied in to a deal at a higher rate - so bridging and flipping may work for you. Also bear in mind that most valuers have access to a central database so can see other valuations carried ou
  12. Hi Sam There are lenders which will lend to a first time landlord with no outside income. The fact you you already own the property is in your favour so you will have more choice - although most lenders prefer you to own the property for 6 months. We provide specialist products to mortgage brokers when they get stuck and there are options available for mortgages and other specialist products we are putting together some guides so I will add this to the list - take a look https://www.promisemoney.co.uk/articles/buy-to-let-guides/ Get in touch if you want to talk th
  13. Bear in mind if you borrow from TMW they will not consent to a second charge - no matter what. Neither will Paragon or Santander Many of our clients get caught out by this when they want a cheeky second charge to raise a deposit or cover refurb costs later down the line.
  14. Hi Angus There is an alternative to remortgaging your main residence. to raise cash which you might want to look at. This is a new product which was launched last Nov so it isn't widely known about but its ideal for landlords and investors to create a fighting fund.. Its definitely something to be aware of as it is more flexible than a bridging loan or standard secured loan. The rate its not as cheap as a remortgage rate but the flexibility out weighs that for some people. Many landlords are using it as it gives them a flexible pot of cash to dip into and secure deals or do
  15. Hi everyone I am looking to learn from this forum to help me develop my investor aspirations. I am also happy to share information I pick up in my day job which might help other landlords. My background is 30 years in providing whole market specialist mortgages and loans to mortgage brokers - so often solving the more complex scenarios they cant handle. Feel free to get in touch if you run out of ideas in a complex borrowing scenario Steve Walker www.promisemoney.co.uk
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