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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. Tip 1 - forget Google Tip 2 - There are numerous lenders who will do this for you when the time comes as you will already own an investment property - you dont need to own your own home to get a BTL mortgage - it just helps Tip 3 - However when they time comes you will be buying with a residential mortgage as you intend to live in it - not a BTL? TIP 3 - talk to a broker about your whole circumstances - not a snippet - that's what will influence the rates available - not the commissions a broker earns - that's just insulting good luck Steve https://www.promisemone
  2. The directors / shareholding can normally be overcome but what level of experience is there amongst them at owning investment property If its 10 people with no experience you have a problem appoint a director with strong experience doing BTL himself and a provable track record that will increase your options and lenders
  3. There are quite a few lenders which will look at a value of 60K and the rates are not necessarily much higher. I expect the yield is fairly good so will offset any higher rate. If the property deal makes good sense dont be put off - mortgages are available Example - Rate 3.00% - its discounted rate for 2 years then reverts to SVR currently 4.74% - minimum loan £40K Maximum LTV 75%. Term Minimum 5 years. Maximum 40 years. Loan Size Minimum £40,000. Maximum £3m aggregate. Maximum Number of Properties Standard Buy-to-Let - Maximum of 3 mortgaged Buy-to-Let properties, includ
  4. Yes find a broker you want to work with and tell them everything about your circumstances then when you find a property you want he/she is all set up and ready to get a decision in principle for you on that property. They will already know what you can raise and the likely lenders - its more a case of changing the property details. As a first time landlord you will find it a little more challenging - especially if you are buying a property which needs some work before letting. This video may help you - its aimed at the first timers who need to refurb and then flip to
  5. There is an old gag quoted locally from when Dudley had a mini earthquake which caused massive damage to 20 houses and part of Dudley town centre. The damage was estimated at £84. Seriously though, there is a huge regeneration scheme planned for the area - that would normally be a good sign and point to increasing prices however this may get scaled back if the coffers are empty following Covid check this link out https://www.regeneratingdudley.org.uk/ Good luck Steve www.promisemoney.co.uk
  6. Hi It seems no one is keen to recommend anyone. My team offer a full range of resi /BTL /commercial/bridging products if you want to have a chat with someone. we also package for other brokers so have access to products you may not normally find. https://www.promisemoney.co.uk Feel free to get in touch Good luck Steve
  7. what LTV are you at with your mortgages. I have a flexible second charge solution but its 75% max with low set up costs, no valuation and no ERC's If 75% LTV works for you I will ask about the costs to take further advances as you have suggested
  8. I have just had an email in from one of our high street lenders This is possibly the most complicated structure I have seen in 35 years in the bank . Not sure why they have complicated it like this ? due to ownership of the main company being split between other Ltd' co's - each with multiple shareholders, we have 5 Ltd Co's with 7 shareholders plus an offshore company. There are lenders who will look at this type of structure but take care not to over complicate it also what level of BTL experience exists amongst the shareholders and directors why do you need m
  9. its not easy to comment as there are a few unknowns presumably you will continue to work so its not a working farm - the land is rented out? to go for a true commercial mortgage the whole thing needs to stack up on the commercial income and we dont know what that is. who has offered 150K and at what rate? happy to chat and make some enquiries - sounds like you need some sort of hybrid Steve
  10. If the property is semi commercial I have lenders on panel who's policy is not to ask for personal guarantees or debentures (unless there is something worrying them). On straight forward resi property I think you will struggle Steve Walker www.promisemoney.co.uk
  11. Commercial lenders will want to rely on the rental value of the building to support the borrowings there is a wide array of methods of calculating affordability depending on the lender. watch this video If the shop or flat are empty you have a problem - there are some lenders who would fund the purchase based on your personal income but you will get tied in to heavy early repayments charges and high rates. Beware So you could raise the money on other property you own or use a bridging loan to buy the property, refurb it, get tenants in and then flip on to a commercial mort
  12. In most cases your father will be allowed to make over payments without penalty to reduce the term left on his mortgage. Check the terms of the agreement - with the lender if necessary. Check this link out to see the effect on overpaying to reduce his mortgage term https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/ He should also review his mortgage as there may be a better offer available with the same or another lender Steve Walker http://www.promisemoney.co.uk
  13. i wish I knew more details of his business - sorry. he is always on holiday that's for sure
  14. 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
  15. 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
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