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Showing results for tags 'first time buyer'.
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I'm about to complete on buying my first home and the owner dropped on me that the tenant is having trouble with their new place and would I be willing to take on the sitting tenant until September. Any advice on what I'd have to do and would it be worth it -
Hello, I just bought a house and it is next to a busy junction. I hate it as there is a constant traffic noise, reversing on the busy road is very difficult, people visiting can not park on the road as there is no on-street parking being next to junction. I spoke with my lender and I can not sell the house for 6 months. I don't even want to live there. I paid a lot of money in stamp duty. I am not sure what to do. Could you suggest some advice, please? I bought a house where I can not even live and it is just going to eat a lot in my mortgage repayment. I can't sell the house for 6 months and not sure if I will get the buyer paying same or more money to cover price paid and stamp duty. The house is old and has all old systems I want to get a couple of lodgers but in this state no one will rent it as well. If I spend some money on this then this is another waste of money on something I don't want it. Could you please suggest how can I get out of this situation and prevent any loss?
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Hello everybody, I'm Jade and I am looking to buy the property that I currently live in with my parents as the only name on the mortgage given that my parents are both unemployed. I am currently a university student in my final year and work 22.5 hours part-time at the moment (annual income 18,500). My dad owns a property that we would sell to finance the sale of the property we want to buy that is valued at 135000 and we have a sum of 40000 savings. I want to apply for a mortgage of around 25000 given that the house we want to buy is estimated at approximately 200000. My parents have no experience or knowledge in buying or selling property and the situation that I find myself in is one that I have very little understanding of. Can anybody offer any help, support or guidance on this? Is my mortgage application likely to be declined or approved? How likely is it that I can buy the property? Many thanks in advance, Jade-S.
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I hope someone can help me with some advice. I've had an offer accepted on a house, on the Mersey Bank estate in Chorlton. It's around the Caldervale Road side. I like the house it meets my needs, neighbouring houses look like they have been taken care of. I love that I can walk down to the river in a couple of minutes. But the more I walk about the rest of the area the more I feel it's pretty rough. I don't know if it's just deprivation but ok or if it is actually rough. I know historically it's had its issues but can't tell where things have been better. My mortgage offer is based on five year fixed so I would have to wait it out if I didn't like it - not sure whether to pull out of the sale or not - baring in mind I'm currently in a difficult living situation and this is the first house I have managed to get an offer accepted on after 11 months of hunting. And I'm dangerously close to my forties and I'm first time buyer so running the risk of not being able to borrow beyond retirement age. I've spent ages looking around Stretford, Firswood, Withington sparingly so with Chorlton and Didsbury and now that I'm close to sealing a deal my experience walking around the area doesn't feel as great. Any advice to help me decide would be much appreciated! -
Hi All, I've been listening to R&R for a couple of years now but first time on this forum. Hopefully I can get some help. I live in London in rented accommodation and have just bought my first property £65k) in Scotland through a limited company set up with a friend. I'm concerned that by purchasing this property I may now be impacted by the new stamp duty surcharge of 3% when it comes to buy a property for me to live in. Assuming this will be in London would mean that it would cost me a min of £10-15k in tax which would spoil the benefits of my limited company investment. I asked a solicitor, and accountant and a mortgage broker for their advice and they all said that they "believe" I would not be impacted, but then I heard a tax expert on the property podcast (ASK121) say that the surcharge would be applied in this case. Not sure why I can't get a straight and definite answer from any of these advisors. Sorry for the long message but can anybody confirm or deny if the surcharge would be applied on my first time personal purchase if I already have a property through a limited company? Has anybody been in this situation who could share the ecperience? Thanks! Ricardo -
I am a novice property investor at the ripe old age of 56 and I currently own 2 buy-to-let's and 1 residential property. Seeing an opportunity, I really want my 19 year old son to get into property with my support and start to earn an income and become independent on his own. Sadly, he recently left school and is still unemployed. That said, I am trying to find out about mortgage opportunities for him but he does not own a residential property as he still lives at home. Is this really a no-goer or does anyone have any advice on how to go about this please?
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Hello all! Firstly I just wanted to introduce myself to the community, I'm Ben aged 24 and I'm currently based in Bristol working as a Graduate Manufacturing Engineer. Throughout my life I have had an interest in property and used to love to watch programs such as Grand Designs and Homes Under the Hammer when I was younger. After I Graduated from University in 2019 I had very little knowledge about how to get into property but I knew it was something I wanted to get into! So at the start of my research I stumbled across this podcast called "The Property Podcast" after I bought 1 of Robs books - The Complete Guide to Property Investment. I started listening to the podcast from episode 1 while travelling to and from work. The Robs joke about the quality of those first few episodes on the podcast today but I found that these first few episodes helped me to relate to them and going on their journey with them has opened my eye to the fact that all successful ventures start from small foundations. This has motivated me to think bigger about where I could end up in the future if I put the work in, not just in property. So over the past 2 years I have been saving HARD to get to a position where I can pursue my first property investment and this week I have successfully had an offer accepted on a 2 bed maisonette in the West Midlands, in the area where I grew up! (Bristol is just way to expensive for me! And investing in my hometown I can benefit from my vast knowledge of the area). With many developments to public transport in this area and with the upcoming 5-7years of property growth (18 year cycle), I plan to not only get a return from rental income but also the potential for capital growth. I now have a long journey ahead of me that I am very much looking forward to - Learning about the buying process, learning how to work with solicitors effectively, setting up a mortgage correctly, get the property ready to rent and finding a tenant that I can provide an excellent service for. I can finally learn from taking action and move away from that pesky analysis paralysis! Thank you for reading! Ben.
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Hello everyone, I’m currently looking to buy my first home (around £160,000- £200,000) using either the new 5% deposit mortgage or the equity loan. I currently have £12,000 in a LiSA which can be used in November. Unfortunately, I have a default on my account from January 2016 (for £99 but is settled). I also have 3 late payments. One in 2018 and two in 2019. I have a good credit score with all three agencies and earn £40,000 a year. I have zero balances on all credit cards (including using them and paying them off each month) and I do not use my overdraft. Basically, I’m wondering whether I’ll be eligible to get a mortgage with an old default and the missed payments on my file. It will have been almost 2 years since any negative mark on my credit file by the time I apply for the mortgage (November). Would I be eligible for a high street mortgage? If so at what rate? If not, would I need to use a specialist lender? Any advice or insight would be massively appreciated.
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Hi fellow property guru's, Newbie here looking for some advice. I'm looking at setting up a SPV Ltd company to invest in some properties, initially I'm looking to flip a few and then build a BTL portfolio. My question is; If I purchase a property under a Ltd Co and personally do not own a property in my name (never have), then later purchase my first property in my own name to live in. Would I still be classed as a first time buyer and get the Stamp Duty (SDLT) Relief on my personal property? Eager to find an answer to this so I can begin my property journey... Thanks in advance for all your advice! -
Morning everyone, I have been stumped for a very long time in this and would appreciate some experienced advice ..... I have always wanted to invest in real estate. It is my dream to build a portfolio. Although I have 1 giant hurdle ...surely somebody else has been through something similar. I work as crew on a superyacht ... so I live on a boat year round.... I have absolutely no need for a residential home in UK as it would just be a big expense, and when I'm home I visit family ........ I earn a USD salary which is paid directly into a UK bank account. I am a first time buyer ........ Despite doing the grueling work of saving for a big deposit and working my way up to a good salary ... The double whammy of being a 1st buyer and earning $ means btl mortgage lenders will not touch me until I buy a residential property .... So I'm a bit stumped..... It seems my only option is to buy a residential home, which I won't live in because I'm at work and will be a big monthly expense. Then, very slowly, due to this home/liability, save up another deposit to finally begin my btl real estate journey. Solution I'm considering:- Getting a 2 bed residential. Lock one room and have this as my home in the UK and make sure I visit. I could consider a lodger for the other room it would not cash flow, even with 3 rooms, but it would subsidize my expenses .... I could then get a consent to let after 6 months, and let out the house, although I understand c2l is not an indefinite solution. From what I read this solution would be legal but I have been advised yesterday by a broker that this may be considered fraud?, I understand house hacking is all the rage in the USA but seems to be shady in the UK and I don't want to do this illegally. Do you have any thoughts? Back up solution ... Save up and buy in cash. This would take me a very long time and is not what I want to do ideally, particularly as deflation is likely to be ripe this year Otherwise I have no clue what to do? There must be other seafarers, oil rig workers, expat or offshore workers out there who have been in this position before? Can anyone think of a good solution? Thanks so muchpan widgetpan widget -
Morning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.
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Hello all, I hope I've posted this question in the right place. An exciting opportunity has arisen for me to purchase a property with a friend. We currently rent a flat in London but my friend is fortunate enough to have a significant amount of money to invest. I am not quite so fortunate and would need to obtain a mortgage. We are both first time buyers and my questions are as follows.. Does this type of mortgage exist? Would the availability of 70% cash of the property value count towards the deposit of my mortgage or would I need have my own deposit ie 10% of the amount borrowed. Thanks for your time in advance.
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Morning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.
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Hello Hubbers, This is week three in my journey into property investment, I have always had an interest in property but that was more towards finding a perfect forever home. After doing some digging and thankfully coming across Rob & Rob's podcast and subsequently The Property Hub it has really lit the proverbial fire into what will become a successful venture in the future. I currently reside in Herefordshire, as the title suggests, with my family so that is ideally where I would like to start my investment portfolio and eventually search further a field after getting my feet wet. Buy-to-lets (2-4 bedroom houses) with a strategy to buy-refurb-refinance is the aim, cash flow is key. In 1-2 years I would like the portfolio to match 1/2 my currently salary and 4-5 yrs - match/beat my whole current salary and in 10 years (ideally sooner) have the financial security to quit my job, focus on property and make a really difference by developing houses/projects from the ground up in the community. I know that this is the start of a very exciting chapter and all the research I have been doing, although daunting, is very interesting (certainly is a lot to get your teeth into) - that being said I could certainly do with some help to really focus on the direction, plan/goals that I have started writing/planning. If there are any Hubbers in the area I love to have a chat and for those with the experience anywhere else Id really appreciate a helping hand and hopefully in the future I can pay it forward. Thanks to Rob B & Rob D for really cementing the drive to get into property development, you guys do great work, your a credit to your industry and above all present and deliver your content with such consideration and professionalism. Kind Regards Chris
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Hello property hub! I've been listening to the podcasts and reading the magazines for a couple of months now, and was going to delay posting until I'd actually taken the plunge into investing. I'm yet to buy my first property, and for the last few years my partner and I have been living in rented properties. We moved to a house that was so expensive it basically gave me an epiphany, and we about soon to be moving into a very small flat after selling all our lovely furniture (it's too big). This should allow us to live on only one wage and use the other wage to quickly acquire our first home. We've signed up to the Lifetime ISA which looks great. My aim is to work on property full time. To flip a few here and there where the profit looks good and keep some to build a portfolio to gather enough passive income that I can be a really hands on developer and landlord. I currently work 8:30-5 at a house builders as an Architectural Technologist, but feel bored and tired of doing the same things everyday in an office.
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Hi All, I am looking to purchase my first property as a BTL through an SPV. Do I retain my first time buyer rights as an individual? I've had conflicting advice/opinion from my mortgage broker and legal professionals. I know that within an SPV you have no choice but to pay the higher rate stamp duty, so does this have any baring? -
Hi All My name is Jonathan and i'm a first time buyer. Although i've been living in London for almost 9 years, london i thought that it was about time that i'll set out some plans to get a property for investment up north. it seems that i'm getting a bit of the 'analysis paralysis" syndrome as the more i read the less im sure about an area. for example, opening zoopla / rightmove on both rental to check the supply, quality and prices against the asking prices in Manchester for example it's hard not to notice that in many areas such as M14 there are an incredible amounts of properties that are available where probably most of them are empty for a while (or is this just my assumption ? ) On the other hand in the new development sector it seems that a lot of those developers have really tight rules regarding their own lenders, the amount of the down payments high overhead expenses and much more ....which seems a bit limiting what are you experiences in regards to a first time investment properties (location, prices, suggestions etc..) -
First Time Buyer / Landlord wanting to start investing
Mallbn09 posted a topic in Introduce yourself
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 -
Hi All, Sorry for the long post. I'm totally new to this and was hoping to gain advice from you all, so any wisdom imparted would be sincerely appreciated. I'm interested in beginning my property investment journey after gaining much confidence from the contents on this wonderful site. I'm from Birmingham but live and work in London. Initially, I was looking for a high yielding B2L property in somewhere like Sheffield or Nottingham, to potentially net between £500 - £1,000 per month cashflow to generate some passive income. As a newbie, I want a hands off approach, interested in modern properties that are immediately ready to rent out; but have recently learned my cousin works on upgrading properties so thats a bonus for some flexibility in regards to potential house flipping. My strategy has now potentially changed as my Mom (currently living in a 3 bed council house in Bham) needs to be rehoused, due to her current area and neighbours being far from the best to say the very least! So in saying this, I now intend to purchase a mortgage for a place for her to stay in Bham (2-3 bed house or 2 bed apartment in city centre) that will see good capital growth in the long run as the plan is for her to live there for the next 10, 20, 30 years plus. So this would be a long term investment. I have around 30K to invest at the moment, and ideally would like for the monthly repayments to be low because she'll be living there alone (would H2B be pertinent here?). I don't intent to make profit off Mom or for her to have to share, but at the same time, I don't want to have to go into my own pocket to top up what she cannot afford as I am already renting in London. I did a mortgage in principle with my bank the other day and they said I could borrow in the region of 280K. My credit is pants at the moment so I'm using the next 9-12 months to increase my chances of getting a 5% mortgage next year although I would really want to buy something in 2019. So I suppose my questions are: Is what I'm pondering ambitious or outside the realm of success with the 30K capital and poor credit rating I have? Outside of transport links, being close to city centre, good schools, shops/supermarkets/parks/having a drive and garden etc, what other key criteria do successful property investors look for, that bring confidence that capital growth is very likely to come down the line? After looking at Rightmove and speaking to local estate agents and viewing properties that fit your criteria for example - what are the differentiators or main drivers that prompt an investor to push the green button and buy? Should I maintain my original plan, and find a 1-2 bed B2L property in a high yielding/high growth area like, Leeds, Liverpool, Nottingham, Manchester, Sheffield and essentially keep saving while banking the £500 - £1,000 per month cashflow - because in a couple of years I'd soon generate another 30K to get her the property in Brum - and in that time I would have gained some equity/growth in the B2L property. I do plan to build a property portfolio so when you have a strategy for acquiring multiple properties; for tax reasons, is it better to purchase them under a limited company rather than as an individual? When people say, test your numbers thoroughly, what exactly does this mean? How can you test that your strategy for a B2L monthly cashflow goal is truly feasible? Would the H2B scheme benefit me in for my circumstances? Many thanks -
Hi i want to purchase my first BTL property. I spoke with a mortgage broker and he said i will be best of waiting till i am 21 due to lack of lenders, my income is terrible but i have the deposit and my mother has a house she owns and will go guarantor, her income also isn't great around 14k a year. I am hoping the owning of a house may improve the situation... Will it? (My mothers house is around 240k and the house i am looking at for my first BTL purchase is around 60, i don't know if this makes a difference) Any help? or good mortgage broker suggestions? Thanks a bunch in advance. -
Hi all My name is Luke, and I am a new member to this website. Having looked through the great advice available I thought that it would be a good idea to sign up. I hope that everybody is well! To start off I have a questions below, and I would welcome advice. I am looking to purchase property to renovate and sell. I have been researching the various different business structures that I could use to purchase property through. It seems apparent to me that a Ltd company (‘LC’) is going to be the best business structure; the 17% CT rate, for the Financial Year beginning 1 April 2020 which is around the time I am looking to start, is extremely attractive. Moreover, I would be able to build capital without having to pay additional rates of tax, for my personal liability. My only bone-of-contention is that I still hold my first time buyer status. I understand that if I was to purchase a property personally, even for the purposes of redevelopment and subsequent sale, I would lose this status. But, would the above still be the case for purchasing through a LC? I understand that a LC is a separate legal entity, and, I suppose, this is where my confusion has arisen from. I look forward to hearing from everybody.
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Hi, I am happy to have discovered thia forum as I can see there are so many people with vast experience and knowledge and willing to help. And boy do i need both ! I am newly separated and beacuse my ex and i were not married he is keeping the flat and i am getting nothing. He bought the flat in SW London just few months before we met. For past 13 years i have invested in it, paid bills and mortgage (fully paid off now). And we even have a child together. But that all means nothing in UK unless you are married. I have gotten legal advice and could take him to court but was told legal fees would eat up whatever money i could potentially win. And it would mean even more stress and anxiety for me and my son. So at beautiful age of 44 i am starting again. This time as a single mum. My issues are following 1) i never owned a property so getting BTL mortgage would be very hard. I saw a broker today and he said it would be impossible but i am hoping there ia a way. Even if I could ger BTL, i would have very little deposit so the properties i could invest would be in £55-65k range. I would love to invest in Liverpool , Leeds or Nottingham. But for that money is hard to know where to buy. Listening to podcasts its clear it is crucial in which area and even which street you buy. I will be going to meet ups as soon as it starts up again as i am sure i would be able to learn a lot. But would be great to get some guidance from you guys. 2) i could get £170k mortgage from the bank and could scrape somehow 10%deposit if i was buying to live in it. But can't move up North. And in area I am in, and even miles around you cannot buy anything. Unless i was to buy a boat. I really want to give property investing a go and make it work as a long term investment for Capital Growth. And hopefully have some income from it along the way. But how to buy that first property ?? Any ideas would be most welcome. Many thanks, Dani
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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!
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Hi everyone, I am currently trying to develop my strategy to begin my property investment future. I currently live in a 2 bedroom council house based in North London. The market value of the house is approx £590k. I am currently eligible for a discount of up to £106k under the right to buy legislation. I'm wondering what would be the best first move in the property game.. As I am a council tenant, I'm not sure how the process works when it comes to me getting on the property ladder. is it best to register as a limited company and begin building a portfolio like that? Or should I look into utilising this right to buy opportunity discount of £106k and invest in my own house? The only issue is I wouldn't be able to get a mortgage on the remaining £490k ish that would be left to raise, also there are particular rules about who can actually put the money up for the property if i was to buy. Technically if i was to do it as a JV with someone else they couldn't actually be on the tenancy as this is against the tenancy agreement. Anyone here with Right To Buy knowledge and/or general advice on how best to make my first play?
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Hi everyone, first time poster here! I'm looking for some advice. I'm a first time buyer looking at buying a 2 bed flat in Chorlton, quite a nice area in Manchester. I'm pretty set on location and 2 bed rather than 1. Houses and new build flats are really expensive (£250+) so looking at older build flats. Got a 18K deposit that I've been saving for, and an agreement in principle from a mortgage broker, as well as looking at solicitors at the moment. I've seen a flat I like, really good location and size, although it needs some work (mainly aesthetic, around the £10K mark to get it in a good shape). I'm viewing a couple more 2 bed flats in the area which are in much better shape and marketed at £160K and £170K (although they are further out and not nearly as conveniently located as this one). When I viewed this flat, it was marketed at £190K and had been in the market for 2 months, which is very rare for the area. The agent said they had no offers on it. That same day the price was lowered to £180K. The vendor is a company rather than an individual, so it looks like they bought it years ago as an investment, and they want to sell it now rather than bothering with renovations. I made an offer for £165K last week, based on the work the property needs, and the fact that I'm not in a chain (property is currently empty) and I've got my finances in place so can be quick with the sale. Flat has been on the market now for nearly 3 months. I should be hearing back this week, but I'm pretty sure the offer will be rejected as I've gone fairly low. Could someone give me some advice on where to go from there? Based on location/size, I think I would be okay with making a second offer, but not sure what kind of jump to go for. £180K (current asking price) would be a stretch for me so I'd want to get it lower than that. If they call me to say the offer was rejected, would you recommend making a second offer then or waiting a couple of days? I have another viewing in 2 days so maybe I could wait until then. Thanks in advance!
