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Found 134 results

  1. Hi all, Newbie poster here (...go easy on me). I have one property (3 bed house) that I rent 2 rooms in with consent to let from my lender (residential mortgage).I moved away with work, so rent the rooms out whilst I'm away. Consent to let was granted based on this property being my only/main residence. As a result I hope to get tax relief in the form of the Rent a Room Scheme. I will probably switch this onto a BTL when the fixed period ends, and I'll rent the entire property out. I would now like to step further into property investment. My Mum and I wish to go 50/50 on a 2 bed flat, buy to let mortgage. Haven't worked out whether I'd prefer interest only or capital repayment mortgage yet...advice welcomed! I want to ensure I set up this correctly from the start. As soon as I declare income from a 2nd property will I no longer be eligible for the Rent a Room Scheme? How will the 50/50 ownership on a BTL mortgage work, should I set up a LTD company, will the tax changes make the venture unviable...plus many other questions! The Rob's speak a lot about the importance of setting a clear strategy, and being set up 'right' from the beginning. General advice on how to achieve this in my circumstances would be great! James
  2. Hi, As the title suggests, I am completely new to the property world. However, I recently inherited some money and am considering investing some of it in to property. An initial idea has been to purchase a student house using a buy-to-let mortgage. My short term goal is to gather as much advice and knowledge from you guys on this forum on all things property investment, particularly student buy to lets, and how to get things started. I have been looking into student buy to lets in Sheffield - 4 beds around £250,000. I appreciate that property can be a complicated and challenging investment which is why I want to learn as much as I can before I officially decide whether it is something I have both the time and money to continue with. Thanks so much and I look forward to hearing from you Matt
  3. 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
  4. Hello, I’m after some advise on my strategy. I have 2 options. I currently rent out one property and have done for 5 years. I am currently living in rented accommodation at the moment. What would be the best option without going into too much detail I have summarised the two options below: Option 1: > Continue renting out my rental property. > Continue living in rented accommodation. > Buy another investment rental property for around £100k (add money by renovating) and rent out. Option 2: > Continue renting out my rental property. > Buy a house to move into and live in for around £250k (add money by renovating). I would base the return percentage as being the same for both new properties within the options. Any advice on the above would help. Thanks
  5. My partner and I (both 30 years old) have some savings and are looking to start investing in property for the long term cash flow to eventually replace our income. We currently own no property and are tenants ourselves. We want to skip buying our own house and get straight into investing. Q1) would we still benefit from First Time Buyer stamp duty deductions if we were to; A) buy to let? B ) buy through a limited company? Q2) I’m assuming we would need a first time buyer, first time landlord mortgage - can we get this through a limited company? What you've done in property so far Nothing just yet. Just been building a foundation of knowledge and learning all I can through podcasts, reading, and a few meet ups. Q3) I have spoken to lots of people who have found value in paid for courses - are there any you’d recommend? What areas you invest in (or want to invest in? Currently living in Hertfordshire where property prices are out of our budget so looking further north. (Manchester, Leeds, Sheffield, Nottingham) My next steps in my education is to pinpoint one of these cities, learn it well (online research, visiting), and then target 1 city for investment. I know they say invest in an area you know, but we want to get started, and having property at least in 1 city further afield seems easier than having multiple properties over numerous cities. Thoughts? What your plans are for the future Looking at BTL to put my learning into practice for the first few and then moving on to HMO’s as I build confidence. We want to have a portfolio in 10 years which will allow us to retire from our jobs (currently 30 years old). Thanks for reading. If anyone has any advise or input on anything, it would be great to learn from your input. I look forward to reading your responses. Ben
  6. Hi! I own a residential property but want to convert it to a Buy-to-let and buy a home with my wife (first time buyer) to be our residential main residence. Do we pay the 2nd home/buy to let SDLT rate on the main residence we are purchasing? Thanks for the help
  7. Hello, as I am investigating into buying up north, I plan to mange it while I am over seas. I will be looking to network for local plumbers, carpenters, etc when I buy to help manage issues should they come. However I want to know if anyone can advise for reliable letting agencies to look after the property and rent it out as it requires... I understand there is a percentage on the rent for this, but what is the best way to do this, or who should I look to go with. My current interest is looking around Warrington, Wakefield, maybe Crewe and Doncaster. Thank you
  8. Hello, I'm in my first buy to let situation, after a loss on my first property I learnt a lot from here. I am now looking to get a house before I leave the country this year, so I wanted to know if there are suggestions of where to look. From the 2017 podcast ASK97, does this still stand? I have seen Wigan, and Stockport, baring in mind the transport nearby. But this is my first, so risk is a consideration. Where do you suggest I should be looking at this time and since I am from the south, can anyone tell me of upcoming transport that I should be aware of as my research isn't conclusive. If it helps to know, I don't have a lot to invest with currently 20K and I need to have some for my move abroad too, I can look into those capital options myself. I appreciate the help and will look forward to your opinions.
  9. Dear all I'm new on this so I will try to explain my query as clear as possible. I would like to buy and renovate properties, maybe starting with small spaces as a studio or similar, and then to sell them again for profits. I'm thinking to do it trough my Ltd so I can invest the money directly from my ltd account (I'm the director - no employees) I got some basics questions on the above.: A- is to buy and sell properties trough my ltd legal? Even if my ltd has been settled as a consultants company. I'm a project manager working on constructions B- are the money used to buy and renovate the properties considered as expenses so they could be deducted from the turnover. C- as above, the money that the ltd will get from selling will be considered as a normal money earned by my Ltd D- Do you think would be better set up a new ltd dedicated for the activity of buy to let/sell properties? E - Any particular suggestion? I'm good to find the properties I know how to work on that and the potencial they might could have...what I missing is all the legal process, taxes etc etc Many thanks to all will spend a bit of time to answer Ciao Simone
  10. Buy to let Ltd company. I'd be really gratedul if any one could offer some advice as I've tried countless local accountants and cannot seem to find one to give me the exact answers I need. I'm at the beginnings of setting up a ltd (spv) company to hold my current main residence, which isn't mortgaged and wholly owned valued at around £150k. Once it's tenanted I want to release some equity/mortgage from the property and start purchasing buy to let's. I'm a higher rate tax payer and also buying a new property with my partner. I've worked out it would make more sense to use the ltd company for tax efficiency purposes. I.e. no additional stamp duty on the new purchase with my partner that would be our first time buy. And also savings on paying at 40% tax with regards to rental income. My question is if my new company were to buy the property off me (which I would sell as a director's loan) would it be subject to any stamp duty,? (Or Land transaction tax, as the property is in Wales). If I do have to pay then it doesn't make much sense to transfer it in terms of additional stamp duty savings associated with me buying the new property with my partner as an 'additonal' rather than 'first buy' My other question is whether someone can recommend a good national accountants or solicitors which specialise in this type of area that I can use? As I'd rather pay a fee and use someone to set it up for me than do the accounts myself . Apologies for any confusion or misunderstandings I may have as I'm rather green to this at present. Thanks in advance, Kind regards, Darren.
  11. Happy Easter All, I was curious what ROI percentage and net yield do you look from from a buy-to-let? Thank you in advance. Joe
  12. Hi all, I currently have a residential mortgage on an apartment but I'm looking to move in with my partner, who owns a property, so I would like to rent my property out. I can currently do a consent to let with my mortgage provider but they've said they wouldn't be able to provide me with a buy to let mortgage after my 5 years fixed term mortgage is up as I'd need to own a residential property to be eligible for this type of mortgage. I've looked into it and I'm struggling to find a buy to let mortgage where I don't need to have a residential property. I will be moving in with my partner but my name won't be on the mortgage. We are thinking of buying together in the future but would like to live together in his place for at least a couple of years. Has anyone else had experience of this or have any advice on which lenders I could approach? I thought my circumstance would be fairly common so I'm surprised to find little on the subject. The only articles I can find on the subject tend to be referring to first-time buyers. Thank you in advance
  13. Hi all. Due to an expanding family, we decided to move house with the help of a help to buy loan. This made things easier as my wife isn’t working at the moment with having twins at home. We chose 10% on the help to buy and plan to add this to the mortgage within five years. We have done well on property over the years but would like to reinvest in a buy to let. The problem is that by having a help to buy loan you cannot buy another property until the loan is repaid. What I was thinking of, is setting up a limited company but I am unsure if this is allowed? Searched for info but can’t seem to find much for this scenario Any advice would be gratefully received. Andy
  14. Hi everyone Apologies if this topic has been covered before, but I've done a search and couldn't find any info readily available. I have 5 BTL properties which are currently let, but have no proper bank account "system" in place when it comes to receiving rent and paying out mortgages and expenses, so I find that I'm losing track of my expenditure and income for each property. Do people generally have a single bank account per property, or one general bank account for all properties (for those who have more than one)? Appreciate anyone's input. Many thanks Ps I should also say that I do keep track by way of a separate Excel spreadsheet and have tabs for each property, but I find that only helps to a certain extent.
  15. Hi Hubbers, First post on here so please go easy on me I'm 27 (no major commitments) and have £30k to start building a portfolio of rental properties... I'm currently looking to buy my first BTL property around Leicester / Wolverhampton, so thought it would be great to hear everyone's opinion on sourcing good yield properties (+8%). I'm not too worried on what type of property / location, etc. as long as it's not HMOs (I want to keep risks relatively low and be hands-off where possible). Additionally, if anyone's got any particular experience with great property lawyers and lettings management' agencies that you'd be happy to share, I'd love to hear from you! I will keep you all updated with my ventures (providing I have no mental breakdowns ) Thanks all! Rafael
  16. Hey, thanks for having me! I'm 24 years old and got my first property in September 2018. It's a 4 bedroom, 3 storey terraced house in the centre of Plymouth. I decided to live in the house while renovating to allow me to see things from a tenant’s point of view and adapted things along the way, with a complete cosmetic overhaul too. I'm in no way handy at anything so my best friend who has lots of experience in properties helped - which was a godsend! I am currently short term letting through Airbnb, which is going great so far, although I happened to be quite dubious at the beginning. It’s been bit of a hit and has been booked solidly from January to August. Apparently, there isn't much of a short term let market in Plymouth city centre for a property that can host up to 7 guests. In September I have decided to let it to students, as my best friend’s cousin owns one of the biggest student management companies around here, told you he was a godsend! After being out on the market for students, it took 17 days for it to be confirmed rented for the 2019/2020 academic year, which took me by surprise. I may have to buy my own personal property in Bristol in the next few months subject to a potential promotion at work. I ideally want a second investment before I have to start paying for my own mortgage (yes, I still live with my parents, I am incredibly fortunate to be able to be in this position still) so I'm trying different ways to raise the cash. I’m currently stuck in a quandary and don’t know what to do so your advice would be most appreciated: I purchased for £130,000, added £3,000 into renovations and had it valued last week at just over £160,000, to my amazement! I have decided to put it on the market out of curiosity to see what offers I receive. Half of me doesn’t want to sell and the other half does. What do you think would be the next best steps for me to raise capital? Good investment properties for students don’t come up often in Plymouth, it took me a year to find this one! Do I remortgage in 2 years and use that equity? Do I sell now and try to buy two more properties if they come up? Do I stop worrying and go relax, get drunk and take a holiday because I’m 24 and am extremely fortunate to be in this position? I may have bored you and I apologise but I definitely look forward to talking to some of you in the future. My dream goals: To be financially free at the age of 40, maybe even to live and have a small beach hut serving cocktails in a warm country whilst living off my rental income and hopefully small profits from the cocktail bar. -Wesley
  17. Hi, I'm wondering if anyone has got any advice for starting your own letting agency to manage your own buy to let properties. Rather than paying another letting agency to do the work I could do myself. This could also reduce my income through the buy to let business thus reducing tax as I would pay from the buy to let business to the letting agent business. If anyone has any thoughts or advice on this please let me know. Thanks
  18. Hi Hubbers, I am looking for a buy to let mortgage as an expat buying through a limited company and do not currently have any other properties to my name. I've checked out some other threads on this forum and extracted some brokers to contact including: AS Financial, Liquid Financial Services; Charcol.co.uk; Vida homeloans. I would really appreciate any tips / advice if anyone has any recommendations from their own experience in a similar position (as an expat buying through limited company). I have spoken with Liquid expat who have come up with an option at 4.3% fixed but would ideally like to get a few more options on the table for comparison before moving forward. Few extra details about me: I am an expat in Qatar looking to buy in the Liverpool / Manchester areas. Hope to hear from you.
  19. Hi All! I am super keen to build out my small BTL portfolio in Leeds. I found a stunning new build of townhouses but the developers say they won't sell to BTL landlords - is there any way around this? If not, does anyone have some advice of new builds/areas in Leeds city centre where I should be looking? Ideally 2/3 bed, unqiue feature(s)? Thanks in advance Nick
  20. I would really appreciate some advice on rental market near London. I'm basically wondering where to invest. At the moment I've got a studio in harrow, Middlesex. It's worth around £180 000 and I have around 70 grand to spend so if I sell it I can buy something for £250 (£260 at a push). So my dilemma is should I get a one bedroom flat in Harrow or two bed in Chelmsford? I'm not sure which one ( on average) will be renting out faster and generate more rent. The reason I'm thinking about these two locations is Harrow, because it's familiar area and for that money that's as close to London as it gets, and Chelmsford because it's 30 minutes away by train and well, you can have two bed for the same money, so if Chelmsford flat will be just as good in terms of rental income than why not.
  21. I own 3 buy to let flats two are tenanted. One 1 bed flat, in a good area on the south coast near Brighton for serviced accommodation, it only has a lease of 66 years and my buy to let mortgage has expired, I cannot find a buy to let mortgage company who will mortgage the flat. It has been on the market and empty as I was giving up on the buy to let although it was giving me a good profit of £500 a month. I have been racking my brains and I have been hearing about the serviced accommodation business. I am thinking if I could get a serviced accommodation company set up, could I get a commercial mortgage on the property and a business loan to cover the £12k cost of extending the lease and a further advance to furnish, buy white goods and a general tidy up of the flat. Any ideas would be appreciated, no-one has suggested this, it was just an idea. I don't want to let the flat go cheaply. As it has been empty for a while I have lost that income so I now need help to turn it into SA. My credit rating isn't good due to caring for my elderly Mum who has dementia, I was supporting her and my children on my own. She now has carers and my children are independent but its left me with this situation. I am experienced in property having done bed and breakfast, built my own home and owned other properties. I want to get going again now I am free.
  22. Hi all, I am looking to get started in the buy to let industry! I currently still live at home and have saved up enough money to buy a buy to let property in my area. As I am looking to run this as a LTD company as I am in the 40% tax bracket, I was wondering if this was possible to get a mortgage as I do not have a residential mortgage. I have a good credit score and my earnings are enough to be above the majority of minimum salary requirements for buy to let mortgages. I am also looking to move out in the next few years, from my understanding the benefits of owning a buy to let first outweigh the loss of losing my help to buy initiatives (I would lose around £1000 bonus from the help to buy ISA and any potential help to buy loan). Any advice would be greatly appreciated!
  23. Hi Tribers, My solicitor recommended I take out director's insurance against cyber crime as part of my limited company purchase- reason being its apparently increasingly common for company directors' details to be appropriated (simple companies house beta search) and frauded. Wondering if anyone else in the community has opted to take this up as part of their ltd co borrowing (or is it a bit of a red herring)? and whether the costs is reasonable? Thanks
  24. Hi there, I'm looking for advice/ suggestions on general areas to invest within Leicester city center. Currently researching 2 bed flats, with the primary aim being yield (net 6%+); and I'm keen to get a steer on which areas I should be targeting/ avoiding. Suggestions and input very much welcome!
  25. Hi, I am currently stuck in a consent to let nightmare and I was hoping I could get some help or advice. Any help would be greatly appreciated. The issues I have span a long list, but I have summarized most of the issues. In 2007 I bought a 1 bedroom apartment (new build/off plan) in Sheffield City Center for £106k (100% mortgage), myself and my wife lived there until 2010. In 2010 we bought a 3 bedroom house together. Because I was in a fixed mortgage for the apartment, I couldn't move to a different lender. So after failed attempts to sell the apartment, I decided to rent out the apartment. But because my mortgage lender (Norwich and Peterborough) changed their products, there was not an option for a buy to let mortgage with them so it had to be a consent to let. The mortgage for the apartment was roughly £600 per month (residential mortgage and also when it moved to a CTL). So the apartment was rented out under a CTL. The general rental income in for the apartment was £500 - £550 per month. So there was a short fall of £100 - £50 per month. I also had to pay ground rent and service charges (£100 per month), along with landlords insurance and cover any damages (£50 per month). So a worst case scenario was £500 rent + £100 short fall + £100 service charge + £50 insurance. £750 outgoings per month, with £500 rent, leaves a short fall/lose per month of £250 (which was not ideal). When the fixed rate mortgage expired I attempted to move to a buy to let with a new lender. The Zoopla valuations and near by valuations (from estate agents) put the property at £100k+ (Zoopla showed £120k+). My mortgage at this time was at £95k so I did have 75% LTV. So I paid for a broker and a required valuation on the property, which came back as £85k, which was way lower than everyone's estimates. So I could not move lenders and had to pay the broker fees. I continued to rent out the apartment, and continued to make the monthly loses. In 2017 I decided to try and sell the apartment again. In June/July 2017 I got a buyer, for £95k (the apartment was on the market for £95k - £100k, £95k which was the lowest I could go). This was great, but 3 days before the apartment was handed over the buyers solicitor discovered that the building didn't have a completion certificate. This totally took me by surprise and was my understanding that this should have been sorted when the building was completed back in 2007. There were 5 issues that caused the completion certificate not to be issues, 2 involved fire safety. From this point (July 2017) on wards has been a battle to try and get these issues sorted by the builders the land owners and Sheffield's building control. I have spoken to (many) solicitors about this, but to take either my original solicitor or the builders to court would cost thousands. So I am currently waiting (on a waiting list) for the legal/financial Ombudsmen to look at this as my original solicitor from 2007 when I bought the apartment should have noted this and not gone ahead with the mortgage. When I found out about these issues, the apartment didn't have any tenants (in a void period). I finally managed to get the builders to look at these issues. During this whole time myself and my wife had to pay for some private health care, which ramped up to £20k. The original plan was to take out equity on our residential mortgage (we had £45k equity) to pay off this health care bill. We approached our bank/lender and I was told that releasing equity wasn't possible. The option available would be to buy a new property, and use any money made to pay off the health care debt (which was a bank loan). Then get a new mortgage for the newly purchased residential. We found a new residential property and had a mortgage in principle completed (with the plan to pay £20K off the loan). We went to the bank 3 months after the mortgage in principle was done. So we could check everything (before we sold our current residential). The mortgage on the new residential was declined. The basic outgoings (affordability check) caused an issue. Our residential mortgage was £370 per month, the loan was £260 per month, but because the apartment which was being rented out was classed as a consent to let, the rental income could not be considered. So that added an additional £600 to the outgoings. In total (as a base number) is £1230 per month. Our other option was to stay in our current residential house, and just attempt to take out £20k from the equity, which would then be added to the apartment/consent to let mortgage which would take the LTV down, so I could move it over to a new lender on an interest only mortgage. A new buy to let mortgage would mean that I could pay the apartment's mortgage and also the loan payments (the rental income from the apartment would cover our outgoings i.e. the loan and buy to let monthly payments). But this was declined. So the current situation I'm in is that I'm waiting for Sheffield Council building control to fix/check the issues regarding the completion certificate (the completion certificate still needs to be issued as 4 of the 5 issues have been done, the fire safety issues were the first to be rectified). I am stuck with my consent to let mortgage for my apartment because I cannot release any equity from my residential mortgage as the outgoings are too high (rent isn't taken into consideration with a consent to let) and I cannot sell the property because the completion certificate isn't in place. I have spoken to many estate agents in the area and 1 apartment in the same building apparently sold a while ago. The buyer bought that apartment with cash. But If I were to sell (once the certificate is issued), the value of the apartments have dropped below market value (around £85k) which is too low for me to cover as my mortgage is £88k. So if you have manged to read through all of this (which has been edited/cut down quite a lot), you can see it is a living nightmare. If there is any help of advice anyone can give, I would really appreciate it. Thanks.
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