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adam hosker

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  1. Well it may add complexity and arguments, over direction and decisions. Which can complicate the relationship. As you identify it can help with deposit. As well as other mortgage criteria perhaps such as minimum income, landlord experience and so-forth.
  2. Well a lot of landlords on interest only want just that and do not intend to chip away at the principal at all. You would get a repayment mortgage typically if that was the intention, though I can see the attractiveness of the flexibility in your approach. What I could suggest is that if you want to make larger payments to chip away at the capital, you could do so when your term comes to an end. Perhaps you are on a 2 year fixed rate mortgage mortgage, you could pay off the sum when you refinance to another lender - looking to get better rates/terms.
  3. It is likely to affect your ability to obtain finance, you should talk to a mortgage adviser about your options. The unfortunate truth is that mortgage lenders, do not like newly self-employed borrowers due to potential instability of income. They are more friendly to those that have recently moved jobs but still on an employed basis.
  4. What reason did they give that you are not applicable? There are some T&C right to acquire from Housing Association. https://www.gov.uk/right-to-acquire-buying-housing-association-home
  5. That's right @dennis hughes you are getting close to the minimum value / minimum lend @sunama there are options but at such low value you have also ruled out a few other lenders by criteria already. It's not something at £60k should be too worried about but entering the market much lower it starts getting more & more restricted.
  6. Well No as its false you dont need to cover electric cars or their charging points.
  7. It's an interesting question and I do wonder what is supposed to occur here in legislation. It would be a good idea if things dont change to consult a solicitor before taking any action. I may be well of the mark - though those that use rental properties as drug dens (cannabis factories) like to pay rent upfront to keep the Landlord away. It may be that was the intention and they have changed there mind or feel spooked in some way. https://www.propertyhawk.co.uk/magazines/avoiding-a-cannabis-farm/ "Because of the use of a ‘Front Couple’; people often appear to be genuine and respectable tenants. After they have taken possession they disappear without trace. Landlords should therefore revisit their rental property a few weeks after initial occupancy to check that the original tenants are still occupying the property."
  8. Good Morning @adrian b If you purchase cash and want to refinance within six months, it will limit your options but there are term lenders available for you to exit. The problem is the hidden cost of perhaps higher rates over 2 years due to that decision. In addition, you can increase options by getting a bridge with certain companies. Those that offer both bridge and term mortgages can allow could allow you to refinance within six months. Though if you bridge with a 3rd party they won't. There are are no real ways around the six-month rule, though working with a mortgage adviser you can put a plan together. It could be buying cash is the way forward, it could be a very low LTV Bridge is the way forward. As for the other question you should work with your mortgage broker to identify your EXIT before you even apply for the bridging finance. Then decide when to apply for that, it could be after 2 months of renovation, given the timeframe when we estimate that the property is ready for a valuation.
  9. Hello @sunama Why not do them all at the same time? You can work with a mortgage broker to find a residential mortgage that has a long offer time. Some up to six months, allowing you to then get the other BTL's found and mortgages ready to complete at the same time. The team's contact details in my signature would be happy to help. I say this as you dont realy want to own 2x BTL Properties that you can not rent out. Without renovation whilst waiting on the residential refinance for funds to complete those works. That being said, two things to watch out for: You can not get BTL Mortgages on properties that are uninhabitable and require renovation. (You need short-term finance for that) At £60k you are getting close to the minimum lend / minimum value for mortgage lenders. (Options may be more limited). I hope this helps.
  10. Well, you should not really be looking at random bridging companies, such as: Affirmative Bridgebank Castle Trust Funding 365 Greenfield Lendinvest MT Finance Octopus Property Precise MOrtgages Together United Trust West One The best way forward is to find the best Bridging Loan for your needs and requirements. Some offer better products than others, some have guaranteed exit on to term finance too. Some will only bridge if its a purchase and others are ok if its a refinance. Some will offer non-regulated bridging and others regulated. You want to talk to a Mortgage Adviser that specialises in property investment finance, to find the way finance. The team linked my signature would be happy to help.
  11. The problem with Product Switches is that they are not always competitive in today's market, lenders generally charge a higher rate than what you can find elsewhere with a remortgage (or a remortgage ith them). Their competitors want to win over your business so do offer some competitive products, often with free legals/free valuation etc.. You put a finger on convenience that product transfers offer - a lot of them do a Computer Valuation, require little paperwork and legals. What i'd always recommend is to check the whole of the market, you ask your current lender what is on offer. Then challenge a mortgage broker to get you a better deal. With both options in hand, you can take a view which you think is the best way forward.
  12. With the number of properties you have, maybe your Accountant can consider "S162 Incorporation Relief "? I think its mainly for CGT but can lower SDLT if say you and your brother were first a "partnership". Though its intricacies a discussion to have with your accountant. In addition, as I understand it, as you "loaned" the company the "equity" you (and brother) can get the company to repay that loan. Which is treated as an allowable deduction from profit - lowering corporation tax for a few years to come. Though have that discussion with your accountant. You are on the right track with the spreadsheet working out which way is best for you. Though you should be comparing like-for-like remortgages not lower LTV in personal name and higher LTV in the company. I know some landlords that dont go all-in with a limited company. Their advice from the accountant is to have a bit of both,
  13. I think its only sensible @loose chippings property to be wary of theft. Even if it is state-enforced, requiring a person to sell an asset at below its market value for the benefit of another. It is still theft. That being said i'd not worry too much about Corbyn getting anywhere near to Number 10.
  14. Quite a few things....the first is that it will be difficult to get a Residential Mortgage when unemployed or planning to quit your job. Talk to an FCA Regulated Mortgage Adviser about your options about downsizing. With the BTL's many lenders want you to have £25k minimum income, so semi-retirement may reduce your mortgage options. Though it's not impossible with many lenders having no minimum income. They want to ensure you have enough income (such as from pension/btl) to support your living and afford your financial commitments. If that is the case they can look at the BTL based on rental income alone. The team in my signature are FCA Authorised and Regulated, would love to discuss the scenario with you and present some options.
  15. You wouldn't be able to get a residential mortgage (as in a property to live in) without first renovating it back to a standard house. You can get Buy-to-Let Mortgage, though you need a special mortgage called a MUB BTL Mortgage (Multi Unit Block Buy-to-Let Mortgage). Though you wouldn't be able to live in the property yourself but rent out the two units. Not the way you describe. There is a way to to do it, as in buy the freehold and then create two leasehold units. You can then get two mortgages a Residential and a BTL on each of the units. It's a little more complicated than what I describe, but that is the basic premise. Individually? Yes.
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