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Adam Hosker

Established Member
  • Content Count

    253
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About Adam Hosker

  • Rank
    Super-member

Contact Methods

  • Website URL
    https://bespokefinance.info

Profile Information

  • Location
    Leeds
  • Property investment interests
    HMO's, Standard Lets, Finance
  • My skills
    Finance, LHA Tenants
  • My goals
    Increase property portfolio and help others along that path.
  • Interests outside property
    Programming.

Recent Profile Visitors

1,577 profile views
  1. Interesting take. You have me thinking too much about the cost of scaleing. Yet I do think the net yield would be better than a single london property. Its interesting..
  2. Southern Mortgage Brokers keep telling me that Buy-to-Let Mortgages in London are dead. They say it is due to the rental yield. The historical issue with London is house prices have risen faster than rents. The Buy-to-Let Affordability Stress tests come up short as a result. As a demonstration: Average Rent: £1,600 Standard Rent Stress Multiplier: 125% Standard Stress Rate: 5.5% The maximum loan is: ✅ £279,272 The average Flat in London selling for £545,000. If you are following, that's 52% LTV which is some significant savings to put down. The equ
  3. The lease is something that your Conveyancer will usually check. It doesn't mean you cant but it is unusual. The main contention these days is about Ground Rent on leases and the charge doubling or increasing in a manor not inline with a respected index. People usually believe the lease term.
  4. Not really, from what you have said. It seems the underwriter is going above and beyond. So your mortgage adviser has to either fight that decision and/or look to other lending options. Your broker will be well armed with the next best backup. Santander (written) policy is typical, so your current setup shouldn't hinder you, and options should be available.
  5. It's highly likely to be mortgageable Alan, you will be looking for a commercial mortgage. None of your standard Buy-to-Let Mortgages are fully behind a commercial element being part of the title.
  6. They can do what they want, plus whilst policy may say X. Due to COVID lenders are looking more eagerly at self-employed person. Yet the policy is clear, just because they can doesn't mean your mortgage adviser should not be pushing back. With the help of there Business Development Manager (BDM) (where required) they may get the underwriter to change there mind. Is any other applicant (or partner) a shareholder in the company(s) that would push you over 20%?
  7. You should talk to a broker @jm123 I cant really give accurate specific advice on a forum. That depends on the mortgage lender. Some allow you to use the money for "any legal purpose". Others require you to have a property offered etc.. Err?? If you have been gifted two properties, and you want to rent them out then it would be a Buy-to-Let. If you want to live in one of them it will be a Residential Mortgage. If your family members will still reside in the property, it gets more interesting but that would be a Regulated Buy-to-Let. Err.. Not really, just take out as l
  8. It is very limited @arjunb as @Stuart Phillips says. I know one of the team has recently completed a mortgage with the applicant not having Personal Guarantees. My chat with him about it (I don't know specifics) is that it had to be Low Loan-to-Value and the Interest Rates were high. The Low Loan-to-Value is expected, its a risk thing. The high interest rates is due to you having no other options (and risk). NOTE: Some people think not having a "Personal Guarantee" means a mortgage lender will not check you personally, your credit history, etc... That is not the case, this is no
  9. Yes but talk to your mortgage broker about specific lender criteria.
  10. You have to pay, once you complete. Though you can delay the completion of the mortgage with your conveyancer. You need to watch out for the expiry date for your mortgage offer and that the person you are buying it from may get annoyed with delays.
  11. No, that's cool @chrispbacon You are using Total-to-Pay like a semi-pro. Most people fixate on the Interest Rates so your definitely on the right track. Of course that tool only works if all those products are 5 year fixes, as you have not included the Standard Variable Rate (SVR). As @Stuart Phillips outlines and the Financial Conduct Authority (FCA) puts a lot of emphasis is if the fees are Added to the Loan or Paid Upfront. If they are paid upfront them your spreadsheet works fine, if they are added to the loan then there is a compounding effect that your calculator does not
  12. The long-term option is to put the rental income into a savings pot (alongside your other excess income) to build a deposit to buy further properties. The quicker option would be to refinance these properties to release equity. You could get 50% LTV mortgage on the £300k property, releasing £150,000 that you can use to buy further properties. Using that cash as a deposit. You could either go the simple route and buy decent properties and rent out. Otherwise you could go the other route and buy distressed properties, that could do with a bit of renovation and add value. The latter can
  13. They removed 5% Deposit Mortgages for two reasons: High Demand but staff were isolating at home and couldn't process them. Perceived Risk of COVID Consequences. The former they solved with IT and remote working, it took them a long time to get into the good pace. The vaccine is now helping and the removal of lockdown restrictions. The latter has been either removed or displaced by the various government schemes to keep the economy going. So if 10% comes back, depends if the Government spending is working or just delayed economic damage. Though the timeframe for Th
  14. You were right the first time, to use a broker even if that is Habito. I can list mortgage lenders for you till the cow's come home. Many of them wont fit your requirements, many of them will have inferior mortgage products and many of them wont be available to you direct. Even high street banks have mortgage lending for BTL that they do not offer in branch but via brokers only. You get results from mortgage advisers after completing form(s) that's what you have to do. There are comparison websites, where you type in Mortgage Amount and Deposit and it gives you an idea of the r
  15. It's a good way to keep fixed financial costs down but I would check there terms and conditions. The last time I used it they wanted proof that I was the owner of the property that I was marketing ( a lot of scammers rent out properties they don't own. Either illegal subletting or fee scams). If this does not work, im sure there is a local small letting agent that will be happy to help you out for a fee. RightMove and Zoopla are expensive on there own and prices are going up.
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