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Showing results for tags 'deposits'.
I am transferring my existing property to limited company (capitalised at £1) at market price and obtained a mortgage for it. Mortgage states that my equity will be used as deposits for the purchase but solicitor insist that I should have corresponding deposit money which needs to be transferred to solicitors account and once complete this money will be transferred back to my account, otherwise the transaction cannot go ahead. Is my solicitor correct? Also Lender is asking for a gift deed to transfer my equity?
Hi, I am looking to remortgage my current residential property and release 100K. This would allow me to buy 3 100K BTLs (25K deposit and 5k moving and SDLT per property). I have spoken to 1 mortgage today adviser last week and in principal I can remortgage, they will place 100K in my bank account, I pay the increased mortgage every week and my BTL journey can start. I go hunting for property. I spoke to a large Mortgage broker firm today and they are of the opinion that I should put offers in and get offers accepted on 3 properties I wish to purchase, they would then start the process of remortgaging my residential property. They actually advised that the BTL mortgage companies would require that. They claim a cheaper rate for all the mortgages would be possible this way. They did concede (once I mentioned it) that option 1 above is also possible. I understand the longer I have the 100k in my current account, the more I am losing of course. Is there an optimal course of action? Do I want 4 mortgage applications on the go at once? Does it matter?
Hi All, I wondered if anybody has any inspiration that they can pass my way. I am currently in the process of buying my first buy to let, and I have started thinking about how I will fund the next property. I can currently save approaching £1,000 a month and am putting this in various bank accounts and regular savers to try and get the best interest rates. Bearing in mind that I will hopefully need to withdraw the funds in 2-3 years does anybody have any ideas for where I may be able to get more growth than the interest rates in the accounts, or share what strategy they use to save their funds. This may not make the biggest difference to begin with, but as the profits grow I would hope to be able to put them somewhere similar. I would be extremely grateful for any suggestions. Thanks Dave