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  1. How are you guys buying by-to-let properties that need refurbing before it can achieve the expected rental income? When stress testing the deal, my broker will usually ask ‘in its current condition, what is the estimated rental income?’. If it needs a full refurb the answer would be nothing and so the lenders would refuse finance.
  2. Hi I’ve been reading up about mortgage brokers, how some specialise in residential mortgages and others in buy-to-let, and how you should choose the right broker depending on what kind of mortgage you want to take out. I’m looking at remortgaging my residential property so that I can get a buy-to-let. I don’t know whether to go with a residential mortgage broker or one who specialises in buy-to-let. The process involves 2 mortgages (my residential and my eventual buy-to-let). Any suggestions?
  3. Hi I'm new to the property hub and I am looking to start my first investment next year in Norwich. I just wanted to know if the majority of investors use interest only mortgages for buy to let property's? And also if I could get an example of how you would eventually pay off an interest only mortgage in a buy to let. Many thanks look forward to hearing from you! Scott
  4. Hi everyone, In order to help make my move into another property strategy I want to sell my current buy to let flat in Hinckley, Leicestershire. Ideally, as it is tenanted with a tenant who is long standing and who doesn't want to leave and wants to keep signing 1 year tenancy deals, I'd like to sell this to a landlord (existing or looking to become one) so I don't have to kick the tenant out. Not really my vibe that as he's a lovely bloke and has kept the place tip top...even doing the odd bit of painting when I offered to get the decorators in to freshen it up. What I don't know though, is there anywhere I can advertise the property to landlords? Is there a place on this website at all? Or does anyone know of any websites at all. In case you wanted to know a bit more about it, here are some more details. 3 stories tall and made of brick Located opposite the train station and supermarket 5 minute walk into the town centre Around 1 mile from the M69 & A5 Within 5 minutes drive, 10-15 minutes walk of numerous schools Doctors surgery next door Also a pub just down the road 2 x bedrooms 1 x bathroom 1 x relatively big kitchen diner and lounge area Currently tenanted with a tenant who has signed for a year until January 2023 Any advice on where I could advertise this would be greatly appreciated. Cheers Joe
  5. Hi all, We all hear on TV, on the radio, in the papers and on property podcast about buying at auction, but, where are all of these auctions taking place and how do we get hold of the catalogues? I have searched many times on the web and never seem to find anything more than a few small sales, and barely any have any decent online catalogues. The best I have found and always refer back to is Clive Emson http://www.cliveemson.co.uk/ , but I am keen to find others. So, if any other members know of other sites that have a good online catalogue or catalogues that are easy to get hold of then please comment and share below. Many thanks. David.
  6. Hi everyone! Just to introduce myself I am 26 and work full time with a busy job in the NHS! I bought my home almost one year ago and am now looking to buy my first buy to let and really hope that this will be the start of a portfolio. My main focus is capital growth - a good yield would be great, but I am happy to compromise on this. I am focusing on Nottingham as it is near to where I live so I think that this would be a great starting point. At the moment I am looking at houses only because I understand them more- as I build on my portfolio I would be keen to look at flats at a later stage. My main questions are location specific. I am mainly focusing on Arnold as it seems to have great fundamentals so I have seen some 2 bed terraced houses well within my budget of 150k. I have also seen some semi-detatched but these seem to go very quickly. Another area of interest is NG4/Netherfield region but I have been a bit put off by this due to the selective licensing scheme, which seems like a big hassle and a big cost. I would absolutely love to hear other ideas, particularly anyone who knows the Nottingham area and might be able to suggest good locations or comment on my plan - would be keen to hear any ideas! Thanks
  7. Hey guys, seeing a lot of BMV new builds for sale, just wondering how to work out what market value actually is.. any help would be much appreciated.
  8. Hello, I am currently in the process of purchasing my first buy-to-let under a limited company and Paragon (the mortgage provider that I am using) have requested that I have a "Certificate of Confirmation of Advice" provided by an independent solicitor which will end up costing £600 in legal fees (two hours work). I have brought this unexpected cost up with my mortgage broker and he assures me that this is a standard procedure for every mortgage under a private limited company and will have to be done whenever I move lender or for any future purchases, although I have personally never heard of it before. Is this something that anyone else has gone through? Many thanks for anyone that can give me some advice, it is greatly appreciated. Nick
  9. Hello everyone! Let me introduce myself, my name is Jordan. My brother and I have recently decided to get into property investing, creating a Ltd company called Best Step Property Ltd and buying our first buy to let. After both being made redundant in 2019 we decided to work on a plan together to help us put our future in our own hands, rather than someone else's. We decided to step into property after around 6 months of researching, reading books, listening to podcasts and speaking to friends already on their property journey's. After months of saving we are at a point where we can start investing properly. As I mentioned earlier, we have had an offer accepted on our first buy to let property and we are looking to add another 2 by the end of 2021. We live in Scotland and are looking to invest in Dundee and the surrounding areas. We have put together a plan for 2021 and with hard work, dedication and advice from you guys we are hoping this can be achieved. We are currently seeking advice from a dedicated mentor who has vast amounts of experience in property. Specifically, buy to let's. If anyone can help or point us in the right direction it would by greatly appreciated. Looking forward to sharing our journey with you guys! Thanks.
  10. Hi all, Listened to the podcasts/ Rob D's audio books for over a year to prepare for investing. What triggered this was being faced with the decision to keep or sell a property that was my main home, once I bought a new place with my partner. With reading all about Section 24... I decided to sell, set up a limited company and get started! It started as educating myself to make sure I was making the right decision, but has developed in to something much more... where I have a 10 year plan to build enough passive income to replace my current income. I am currently refurbishing my own residential property with the support and guidance of more experienced family members (trying to learn as much as possible) and conveyancing on the sale of my old house. Investment wise I plan to work mostly near home in Leeds/Surrounding areas and primarily buy... refurbish... let... refinance, but also do some flipping to raise more capital. As far as skills/knowledge goes, I guess I am going to be learning more than I am helping at the start... but you've got to start somewhere I guess! Thanks for reading, Richard
  11. Hi, Nice to meet you all. It's my first post on this forum. I planning to do my buy to let in the north. I was thinking that Leeds might be a great location to start (house prices are still decent compared to larger cities such Manchester) and it feels that the city is growing and attracting more businesses. I have seen this place on right move (https://www.rightmove.co.uk/properties/73474821#/). The price looks incredibly low and the yield pretty interesting (11.5%) - to be double checked though. I was just curious to have your opinion on the below questions: 1) Is it usual to achieve ~10% yield in one bed flats in Leeds or is there something I should be sceptical about? 2) Do you believe that the city is in an upward trend and that we could expect to see a decent demand in the rental market over the coming years? Many thanks for your help!! JB
  12. Hello, New to this site and new to buy to let investing! Considering setting up a SPV Limited Company to purchase my first BTL investment property in Scotland. Looking for advice/recommendations for a mortgage broker who can help and advice on which lenders to go for/avoid. And anything else that might be relevant! Thanks in advance.
  13. Hello, Im currently on shared ownership and own 25% share of my property. Ive saved up some money and im keen to start my buy to let journey. My question is, am i allowed to own a buy to let property while im still on shared ownership? Do i have to ask the housing association permission for this? Many thanks
  14. I have been researching and looking for my first buy to let property and have focused on Nottingham! I have seen a couple of ex-council properties and have been advised by local lettings agents that they would rent out well to families, which is exactly what I am looking for! In terms of numbers, they work well too! The only concern I have is simply just the fact that they are ex council. I know that in terms of renting this isn’t so much of a problem these days, but I am looking for a mix of yield and capital growth- I do not rely on the income, but as it is my first some good cash flow could help me achieve my goals faster! So with this in mind, does anyone have any opinions on ex-council properties and the capital growth, or whether potentially the stigma attached may affect these properties growing in value the same way that a non ex-council house would
  15. Hi all, Huge fan of the community. I'm approaching my first remortgage on my first property (residential). I'm looking to refinance after rennovating it over the past two years to get my first BTL. Exciting times. My original broker was not great, can someone recommend a broker to work with? A BTL specialist as I would like one broker to support me to build a portfolio. Sorry for the rookie question. There are just so many options online and everyone always says how important good brokers, just not where to find them! Many thanks
  16. Hi, Me and my partner have been researching quite a lot about getting into property investment however one thing I can't seem to find a concrete answer on is this. We have purchased our first home (a couple of years ago) through the government's Help to Buy scheme and used an Equity Loan as part of the deposit. I know that we can't purchase a 2nd residential home without having to pay back the equity loan however, I cannot find anything regarding not being able to purchase a BTL property and keep the equity loan? Has anyone been through this process themselves? I will ask the Help to Buy agent and our solicitor but I feel this might be a very niche circumstance so their answers might not be straight forward. If anyone can help me that would be greatly appreciated. Kind Regards, Jake
  17. Hi everyone, I'm new to the hub and the world of property investment. I have lived on the Isle of Man for the last year, but will shortly be moving back to the UK (Manchester) in October to take up a new job and start my property investment journey! I'm trying to determine my strategy and would appreciate peoples thoughts. I've outlined my objectives, circumstances and available capital herein... Objective Create circa £5k monthly net income (before tax) from property within the next 5 years Circumstances and Available Capital/Equity I own a flat in South Manchester that is currently let to professional tenants; £250k value £85k mortgage, £400 p/m £1,050 p/m rental income I will need a place to live upon returning to the UK i.e. move back in to the property that's currently let out or buy something else to live in (I may rent initially) £20k in savings My job will NOT be 9-5 and will allow me to be quite hands on with the property side of things Total equity + savings circa £185k, but with the need to use some of these funds to purchase a residential property (assume £350k, 20% deposit = £70k) Estimated initial capital £115k Given I have the time and appetite I'm leaning towards a route of trying to develop a number of HMO's, but would welcome peoples comments and advice. Thanks!
  18. Dear Forum MembersI have started my search for BTL property at Manchester / Liverpool area. This will be my first BTL. I live near greater London.Can anyone share their experience on1) Specific postcodes to buy2) Rental demand3) Is Salford good for an investment area 4) HMO vs traditional residential property 5) Is it better to invest near flat near London considering long term rental demand and capital growth ? 6) Risk of investing into HMO as first BTL
  19. I was interested to hear form anyone in the Property business in France. I'm looking at setting up a ltd company and buying in an area we spend around 3 months in every year. I'm more interested in short term holiday lets (air bnb style) than long term lets. It should return reasonably on investment despite only gauranteed income around 7 months of the year. (I'm discounting the rest of the year and if its rentable then, its a bonus.) The plan is an ltd company and interest only mortgage, second property within around 12-18 months... etc etc. Very much like what many are doing in the UK - except our long term goal is to live in France, so I'd much rather build a portfolio there. Anyong else doing/ have done similar? I've yet to look into the french law side of things, so especially interested in any pitfalls to be wary of? Any tourist tax or anything else worthy of noting? I do see it can take 4-6 months on average to complete a sale!!!
  20. Hi all, I'm hoping someone out there with some experience can help me. This will be my third buy-to-let but my first leasehold property. I've run the figures and they add up well. It is a 1 bed top floor apartment with good transport links to the city. My offer is £125,000 and the rental estimate is £625-£650 pcm. However, my concerns are as follows: There is a £678 service charge per year. I have been told that this is £200 more than all the other apartments due to the need for the aqua system for fire safety. This seems a lot of money to me, and I asked if this extra £200 goes into a different pot since it is in place for the aqua system and should be used to fix that in the future? There is no ground rent and no building maintenance company. Each owner is a director of their own leasehold and meetings are held annually to determine upkeep of the building. Have people found that service charges go up a lot in a short time? I've been told the leasehold is 125 years by the estate agent. The term has only just begun (possibly six months in) as it's a new development. This seems a low amount of time. Is this normal? What are other people's experiences of growth on apartments. This isn't city centre (it's about a 20 minute bus ride out and 15 minute drive). Thank you in advance to the people that respond. It's nice to have support out there. Cheers Sally
  21. Hi All, I'm back with another dilemma. In 2018 myself and wife had the Right To Buy (RTB) our flat from our local authority which we progressed with this. We opted for a 2 year residential mortgage. Shortly after completion we had found out we was expecting a child and we had to plan to purchase a larger property as our flat was not going to be big enough for our family. We asked our mortgage lender and local authority for permission to let which they did grant our request. We purchased a house and rented our flat. 2 years on our mortgage deal is coming to an end and we would like to re-mortgage our property but thought it would be better to switch to a Buy To Let mortgage. When we was exploring our options with our mortgage advisor he hit a snag because all the lenders have no products if you are still within the 5 year period of the initial RTB purchase. When we briefly looked at a product switch with our existing lender the option to do so was not available and a message had said it was currently being let. We are in a bit of limbo now because it seems that the option to remortgage on a residential would not be possible because we do not live in the property and not going to move back in. To move to a BTL mortgage is not an option because lenders do not lend to customer within the first 5 years of their purchase. If we knew this was the case we would've opted for a 5 year mortgage. Has anyone had any experience with this scenario or is there any mortgage advisor who know a way around this issue. Your advice would be greatly appreciated.
  22. Hi, I'm Charlie from Bury in North Manchester. I'm a complete novice in the property game. Working very busily through life and realise pensions just won't cover my retirement plans. Have been talking about going into property for several years particularly following a redundancy back in 2015 however I found myself back in a full time demanding role. Looking to initially flip to raise some capital and also build a rental portfolio for the longer term. Areas of interest are local - so North Manchester towns including Bury, Ramsbottom, Tottington, Heywood, Norden, Bamford, Rawtenstall. Plans are to get stuck in and get my hands dirty - I have a good supporting family who are also willing to help out. My biggest fear - I'm very risk averse and constantly hold back where money is involved - what if I lose my savings! Would love to hear from others who are holding down a full time job and family and managing to fulfil their property goals too. Any advice welcome.
  23. Hi this is my first post , I am 23 years old and hoping to purchase my first property in the next 2 years however my question in the world of property investing is that as i am a first time buyer i have been contemplating buying a property with a residential mortgage and the 6/12 months later moving location and then notifying the bank and obtain different job elsewhere and putting the property on rent and moving back in with family. Has anyone else done this ? And if so how have you faired ? And what are peoples thoughts of this?
  24. Hi all New investor to the property market, wondering if I can use a BTL mortgage for a Holiday Let property? I have heard that technically you are not supposed to do that, and that in fact you should seek out a specific holiday let mortgage, but that they are then much harder to attain and at worse rates? Anyone brave enough to advise!? Many thanks in advance Dan
  25. Hi all, I am looking at getting my first buy to let property in the liverpool area for my newly formed LTD company. My dilemma is do i: A: purchase something similar to the below out right for cash which will give me about £3,500 per year profit (if what they say is correct and accurate) https://www.rightmove.co.uk/property-for-sale/property-71988603.html Or B: look at getting two 2-3 bed properties at about £80k and use the same money for the 25% deposits and rent both out with slightly lesser yield but benefit of both and the hope the value of the houses appreciate more than the value of a student flat? Dont know if anyone has had a similar dilemma or can offer any impartial advice Thanks in advance Joel
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