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Found 5 results

  1. Hi all. We are currently completing on our 4th and 5th btl, it's been a struggle and our goal is 2 more before 2022. 7 in total (not via ltd company) I've been contracting for some years but closed the business now as the plan is for me and my partner to enjoy some time off, she's stopping work next summer. My BIG concern is remortaging the properties if neither of us are employed. We won't be owner occupiers and might only have a few years proof of rental income to use. They'll all be due in 4/5 years We're both 50. We will be renting ourselves although we could take one of our rentals on and live in it (put in on a residential mortgage if this would help) Has anyone else had a similar scenario Was it (will it be) a nightmare to remortage if neither of us are working Is there something we should be doing now to help us down the line when it comes to remortgaging the rentals. We don't want to roll on to the SVRs if possible and after a few years away from work I doubt we'll want to jump back in to a job. We also have a healthy savings account of around 40k should we be saving this for help remortgaging or will it be little use. So confused. Thanks anyone in advance, any help welcomed.
  2. Hi, I'm selling my 2 bed house in Manchester and all was set up and ready for completion, when buyer was furloughed in beginning of March. Her bank didn't approve the mortgage until she goes back to work. Will bank release the mortgage money as soon as she will go back to work? Or does she have to bring few payslips after she starts to work to prove that she can afford the mortgage? While waiting for buyer to go back to work, I am thinking about plan B. Plan B: I potentially don't want to sell the house but to rent it out. It is 2 bed house bought for £115k as a new build 5 years ago. Currently appraised at value £135k. I bought it with Help to Buy (HTB) as my first and only property and so government org owns 20% of selling price. HTB properties can't be rented, so I assume, I have to buy the 20% share for HTB. I could do that easily, if I would remortgage the house. As an employed person I pay higher 40% tax and therefore I would like optimise profit and to set up company and sell the house to my company. I think you call this BTL. Because I live now in Edinburgh I would like to hire an agency which would find tenants into house and look after house. Can you tell me if this all makes sense? What would be the steps to make this happen and what would all this cost me to set up? Thank you for any help.
  3. Hi there, I’m in the process of buying my first BTL property. I plan to do a bit of work to the property (new kitchen, bathroom, decoration, etc.) before letting it which should take about 2 months. However my mortgage broker has mentioned that the BTL mortgage lender states that the property must be let within 30 days of completion. He said that this is a fairly typical condition for a BTL mortgage. Is this something anyone else has come across? Is it something that’s actually going to be enforced? Thanks in advance for any help. James
  4. Hi Everyone, It's a pleasure to join your community here at the Property Hub and I'm looking forward to getting involved. A bit about me... I'm a mortgage and protection adviser based in Derby. I help people find the best residential and BTL mortgage deals and guide them through the house buying process. I also offer my clients protection advice and help them put the right insurance policies in place to protect their property assets. I'm am an aspiring property investor inspired by Rob & Rob's fantastic podcast and just starting out on this journey. Really looking forward to learning from you guys and helping others where I can. See you in the forums, Tim
  5. I am looking at buying a building on the high street. It is currently set out as a retail unit, with 2 flats above. The building is for sale as a whole (it's a repossession). The 2 flats are registered as separate dwellings but there is no lease on them separately (ie. the whole building is currently listed as one freehold building). If I buy the whole building (freehold) on bridging finance or cash (ie a finance with no charge on the property) and then issue 999yr leases for each of the 2 flats how long would I need to wait before I could get A BTL mortgage on the flats? Could they be treated as a new purchase as the lease is new therefore have no previous listed value, or as the whole building sold within 6 months would I have to wait the standard 6 months to refinance. They would have a hard time apportioning each of the flats and retail unit with a set amount of the purchase cost as they are all substantially below what they would sell for for on the open market as individual units. If I would need to wait 6+ months to refinance it may stop the project from happening. So I am keen to hear from anyone that has dealt with a similar situation in the past. Thanks in advance for any advice, I really am keen to learn from the wealth of experience on here and hope any answers would help others learn too!! Regards Sam.
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