Jump to content

stevewalker

New Member
  • Content Count

    50
  • Joined

  • Last visited

1 Follower

About stevewalker

  • Rank
    Established member

Contact Methods

  • Website URL
    www.promisemoney.co.uk

Profile Information

  • Location
    wolverhampton
  • 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

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Yes - if sticking to 75% LTV there's a reasonable choice. I am not really sure this answers the question - or what the question was as there doesn't seem to be a plan to remortgage or raise extra finance. Anyway, good luck Steve www.promisemoney.co.uk
  2. Hi Darren It is the choice of lender which is important plus solicitors - they can mess up the best laid plans with bridging Also explore if you can borrowing in another way - without bridging Have a look at these videos for ideas 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 - https://www.promisemoney.co.uk/best-low-interest-secured-loan/ Small bridging loans - £10,000 to £100,000. Only a few lenders offer them https://www.youtube.com/watch?v=n59jPrTrzmk&t=3s The
  3. It wont be a breeze as you are portfolio landlords and already at 75% LTV Going above 75% will severely restrict lenders available. the fact you are a home owner would add a few back in to the mix. There are a few lenders available at 80% LTV without you being a home owner - available through brokers only Really you need to speak to a specialist broker and find out what is available now - and then what is available if you become a home owner. also don't rule out a second charge loan - make sure they are specialists in both Good luck Steve www.promisemone
  4. Matt Your choice of lenders will be influenced by why you need to remortgage within 6 months of purchase. For example some lenders will only accept it if the property has been inherited - these tend to be the mainstream lenders - lower rates Others are looking to see that you have purchased and carried out demonstrable improvements - eg purchased with a bridging loan and now need to exit. If its neither of these you are likely to be more restricted to 20 or so more specialist lenders - mostly available through brokers only. You really need to speak to a specialist.
  5. most lenders say they will consider but its subject to the valuers comments which is where it goes wrong Those more likely to accommodate what you want are lenders like Hampshire Trust Bank It also depends on the LTV you want Heres what another says Does the Lender consider Properties that are close to Commercial Outlets as suitable security? Considered provided the property is NOT immediately above or adjacent to properties described as those that would potentially provide an unwanted heat, noise, or smell or may present safety concerns. This would include but is not l
  6. No problem - get in touch if you want to talk through a specific scenario - there may be alternative ideas I can suggest
  7. Hi Second charge seems the obvious route until the ERC's are gone and you can remortgage. at 75% there are some decent rates and the flexible overdraft sounds like it might give you flexibility you need see this video - Flexi overdraft second charge video also slightly lower rates available on standard second charge loans - an some higher LTVs if you want to explore these As its secured on your main residence you need advice but I can get someone to explain the costs to you if you want. If you are in a hurry to find out more, I am out of the office for a few days
  8. Here is a video explainer on Development Finance I have done to help Newbies Hope it helps VIDEO - Development Finance explained Steve www.promisemoney.co.uk
  9. A client asked me to explain this - so I did a video to avoid repeating it to others These types of mortgages are prevalent in the commercial mortgage sector but are also tempting to landlords who can't get a traditional mortgage. This is as close to a non status / self cert loan as you can get. It's secured on virtually any property for business purposes and may be an option due to bad credit or simply because no one else will lend. If you don't know what to look for, or the questions to ask, someone could easily sign up to one of these loans and really regret it.
  10. there is an alternative if you have decent equity in your main residence or another BTL. The overdraft gives you a fund but you only pay interest on the amount you have drawn down - rather than the whole lot. So you can drawn down chunksf cash as you need them for each phase of the refurb https://www.promisemoney.co.uk/best-low-interest-secured-loan/ And if you have a portfolio of BTL's with some equity, here is another angle on the overdraft loan - https://www.promisemoney.co.uk/buy-to-let/low-interest-loan-landlord-property-investor/
  11. stevewalker

    BRR

    There are lenders which will remortgage inside 6 months but this reduces your choice have a word with Simon Carr - he knows his stuff https://www.promisemoney.co.uk/buy-to-let/
  12. I have just seen your request for info on development This one doesn't sound like a development scenario - it sounds more like a refurbishment bridging loan Here is some information and an explainer video on both Development finance - Mainly for ground up builds or larger projects - https://www.youtube.com/watch?v=BBsuX0futdM An 85% LTV bridge might help you get more cash for the works at day 1 - https://www.promisemoney.co.uk/85-ltv-refurbishment-bridging-video-follow/ If its a heavy refurbishment requiring planning or with a spend of more than 25 to 50% of the prope
  13. Second charge lenders are normally more accommodating - its not clear to me if this is planned to be your residence in the long term or a BTL If they are assessing the application based on your income, they can often ignore the fact there is no income from rent if the income stacks up (assuming its a BTL). if its your main residence they will normally want to see bathroom and kitchen or sorts but not the finished article. However, we have placed second charge cases where there was no Kitchen / bathroom and the borrower was living in rented accommodation nearby whilst the work wa
  14. If you dont know what you want to spend the money on, other than property at some point, this is the product Flexible overdraft up to 80% LTV secured as a second charge on your home You can flex the balance up and down for 5 years and only pay interest on the balance outstanding - ideal as a hunting fund for investors. whilst the rates are higher than a mortgage - this is offset by the fact you wont be using it all for much of the time so pay no interest. https://www.promisemoney.co.uk/best-low-interest-secured-loan/ Steve www.promisemoney.co.uk
  15. In reply to your questions Nick Would this mean a series of separate second changes against up to four properties and dealing with potentially four different lenders to set this up? If so how would the legals be dealt with cost wise? We have 1 lender which has withdrawn from 1 charge over multiple properties and now does each as a separate charge. but we have a new lender coming on soon which will do the same but may move to a floating charge over a number once established. for now its one loan per property - with the same lenders. Legals on second charges are generally don
×
×
  • Create New...