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Found 161 results

  1. 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
  2. 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
  3. 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.
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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!
  9. 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!!!
  10. 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
  11. 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.
  12. 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.
  13. 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?
  14. 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
  15. 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
  16. 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
  17. 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
  18. 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
  19. I currently have 2 buy to let’s on individual buy to let mortgages with the mortgage works. I plan to buy at least two or three more houses in the next year. It seems that most lenders offer portfolio products for landlords with 4 or more buy to let’s but I’m struggling to find out how these products would differ from individual mortgages and what the rates would be. Does anyone here have experience of such products that could offer some advice? Obviously I have asked my mortgage broker but I get the feeling he has not done a portfolio product before and isn’t offering much constructive information. Many thanks, Greg
  20. Good afternoon, We find ourselves in quite a bizarre situation and would really appreciate any advice that might be out there. - Today we placed bids on an online auction for a BTL property. We won the auction with a bid of £127,000. Once bidding went over £125,000 we received an email and on-screen prompt to confirm that our bid met the reserve price and the property would be sold to the highest bidder. - At the end of the auction we received an email to confirm that we were the highest bidders and that we had 'won'. - The email states that they would try to take our £5000 reservation fee. They appear to have been successful. - We subsequently received a call from the auctioneers telling us that in fact we had NOT met the reserve for the property, but that they were giving us the first opportunity to put in a bid of £134k to secure it. They said there had been a 'technical glitch.' Does anyone know what our legal rights are in this regard? We intend to hold the auctioneers to the contract. If the virtual hammer had fallen and we'd cited a technical glitch and tried to secure the property for £7k less, we'd be laughed out of town! Expecting to discuss this in detail with them tomorrow, so would love any advice or to hear from anyone with experience of this. Thanks, Chris
  21. Hi I have set up a company/svp in order to start to build up a property portfolio. I was looking to do interest only (as landlords with a company will be able to continue to declare rental income after deducting the mortgage interest only payments) and make over-payments annually upto 10% so that i can pay the properties off. If i do the overpayments will that have any impact on the tax deductable nature of the calculation please ? or will these count like repayment mortgages and not be tax deductible. Any information here would be very useful. Thanks
  22. Hi all - nice to meet you via the forum. I’m Whitney and I’m based on London. I have 10 months left of my maternity leave and now have the opportunity dedicate time to put together a long term strategy on starting a limited company in property business. A bit of context: Seven years ago a relative asked for advise on how to get young professionals (like myself) interested in their rental property. On visiting, I advise him to renovate the property so it would appeal to his desired tenant. Surprisingly he asked me to run the project and then fill it with tenants. Six months later, after a slash of paint and adding in some new furniture, the property was filled and he was getting an increase of £800 a month. Since then I have continued to mange the property /tenants, I have fluffed and buffed two other rental properties (based on his recommendation) and currently working on another relatives rental property. All properties have been able to increase either rental income or the property values (one it has been both - it’s currently being valued at £475k). I realised about a year and a half ago that I have a bit of a knack for this and want to look into doing it for myself (as well as for others). So now I have some free time, I am very interested in setting up a Limited Company offers multiple services (starting with fluff and buff projects for landlords looking to increase their rental income or property value). However, the mid to long term goal own a portfolio investments/property alongside - mostly including renovations and developments to either sell or rent out. I would love some advise about how to start?, what I should be doing to build my network? And opinions on if this even do able in the current market? Or any opportunities to work with others. In a nut sell: How do you want to work in property? Offer a renovations service to landlords looking to increase value, with an aim my own property to fluff & buff so it can be sold or rented. How much do I have to invest? £2,500 - over five years experience of small renovations, finding and managing tenants and overall project management. What time to do I have? Currently twiddling my thumbs. However, back to work beginning of next year. I enjoy my demanding job, as an Event organiser within the music industry, so I am looking to use my property skills as an extra income for now. Plan for the next 3 years? To have a minimum of 2 buy-to-lets and a minimum of 3 fluff and buffs completed. Again really enjoy my job so interested in working collaboratively or working on projects that offer a quick turn around financial and time wise. I look forward to reading other threads on the forum. Please get in touch - I am open to advice, opinions and opportunities to work with others. Kind regards Whitney
  23. I will be moving to Wales in next 6 months. My plan is to stay for 4 to 5 years in Cardiff and then after that i will be moving out of UK. I am wondering if getting a mortgage in Wales would be a good idea and then letting it after 4 or 5 years? I am a first time buyer and need your kind advice as to whether issues of 1) Coverting to buy2let later would be economically feasible? 2) Would the benefits be worth the hassle of managing tenents, considering i wouldn't be in UK myself? 3) What would be more reasonable in this situation a flat or house? I know its a lot of questions, but these things are constantly on my mind and being a newbie I don't have much knowledge of mortgages etc so i would be grateful for your advice about this
  24. Hi all, My stepbrother and I currently jointly own one buy to let property which is slowly (!) building up funds for the next deposit. We are looking at finance for our next property and there's a possibility of an investment from a family member. (They would get a percentage back on their investment each year and at the end of the 5 year fix we would buy them out, returning their original investment). We have looked at setting up the investment as a charge on the property so as to protect the investors money but lenders aren't prepared to lend on this basis. The alternative is 'gifting' the investment but that doesn't protect the investor's money. Are there any other options?? Many thanks, Alex.
  25. Hi All, My name is Tyrone and I am new to the Forum. I am looking to invest in a Buy-to-Let in Telford by the end of this year. Can anyone recommend a decent letting agency who could manage the property for me? I am looking for either fully managed or collecting rent and repairs. Many Thanks, Tyrone
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