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  1. Hello! I would be grateful for some sensible advice on my options. What would you do? Background: I'm new to investing and currently own my own home in London worth about £700,000 with no mortgage on it. It's a leasehold flat with about 112 years remaining. But my family has outgrown the space and we need a larger place further out of town for about £900,000. Option A ) Sell existing property and buy new place with mortgage on my salary, paying about £35k in stamp duty. OR Option B ) Take out mortgage on existing property on top of mortgage on my salary. Rent out existing property when we buy new property, paying about £62k in stamp duty as additional property. I could expect to rent out existing property for £2,700 PCM. Which one makes more sense in the long run financially? I would incur a far greater stamp duty with option B but then benefit from rental income. WHAT WOULD YOU DO? Thanks!!
  2. Hi All, Has anyone purchased a property with a 'good lease title'? The property we are in the process of purchasing is in the NE and has has a 'good lease title'. Our solicitor seems quiet wary of this and has said this may cause issues for when we are refinancing or selling the property. The vendors solicitors have refused to upgrade the title to an 'absolute lease title' before purchase, we have been advised to get a legal indemnity insurance policy in the unlikely event there is a claim on our lease. Our broker on the other hand has said it shouldn't be an issue refinancing, so we are a bit perplexed. For info, this will be a cash purchase, carry out renovation works to convert to a 6 bed HMO and then refinance. The lease itself has about 800 years left on it. Thanks
  3. Hi All, My wife and I own a flat in London which we initially purchased (with a mortgage) in 2005 to live in and we now rent out. It's in a redeveloped (in 2001) ex council block (built 1969) which has been done up to a fair standard now (gym in basement, 24h concierge) and is all privately owned. There has been issues with the concrete in recent years which, to our knowledge was why lenders would no longer lend on it. There has just been a lot of expensive work done on the building to fix this problem, and we've been issued an EWS1 certificate. However, having just been through the painful process of applying to remortgage with a few lenders, we've been turned down by all when the valuer visits and says, 'oh, it's a PRC building' and values it at £0. Does anyone know if there's any other options to get finance on such a building, or if not, if there's currently any lobbying of the government to put pressure on lenders to start to lend on these buildings again that I could follow/add my voice to? Any help appreciated. Regards, Ben
  4. Hi, NatWest have advised my partner that he cannot qualify for a mortgage Ashe received self-employment grants last year as a result of COVID closing businesses. We thought that they would not consider the grants as part of the annual income so we’re basing our potential borrowing on my PAYE salary and any income he earned outside the grants but have been told they will only consider my income. Has anyone else experienced this as I haven’t seen anything about this and it will surely effect lots of people trying to move home.
  5. Hi I have recently had an offer accepted on a ground floor flat. On review of the lease I noticed that there is a ground rent escalation clause, with the ground rent (set at £250) doubling every 15 years. The building was built in 2015 which is when the lease started. The term of the lease is 125 years. The issue is that I was hoping to buy this on a buy to let mortgage with a 25% deposit. However I understand that lenders are not keen on lending on ground rent escalation properties. Has anyone had to deal with this and what is your experience with the lender? Which lender did you you use? The property is being bought under my SPV company. With the ground rent doubling very likely to be abolished are lenders still not keen to lend? I am really keen on this property and do not want to lose it, therefore if a lender wilL not lend then the only option i may have is to ask the seller to commence a lease extension and assign this to me. The alternative is to seek the landlord to vary the clause in the lease however I don’t think that he may be interested in doing this. Grateful for your comments
  6. Hi, I am looking to get a fixed term mortgage, probably for about a 5 year period. The rates are very favourable but I am hoping to buy in London and will only be holding the property for around 5 years. However I am not sure what term to go for, I can afford varying monthly repayments. Is there any benefit to getting a shorter term on a property I will only be holding for 5 years? Or should I try and get a mortgage for 25 years +?. The only issue I can see is that I will pay minimally more interest overtime with a long term, which should be too much of an issue as I don't intend to hold it for the entire term. Would appreciate any advice, if I have missed something, or not understood something. Cheers!
  7. Hello Guys! In August 2018 I and my partner bought our first flat (home), We had the help of the Help to Buy Equity scheme. This is a great one bed flat in MCR city centre. The mortgage is a 5 yrs fixed at 2.34% We are planning to have a family at some point and for this, we need the biggest house. adn rent our current flat. We are thinking to buy a second property in 2023 and let this apartment. For doing this, we need to pay the Help to buy first. The bank that holds our mortgage is Halifax and they are offering us an "additional borrowing" of £43.000 at 2.84% for 35yrs at fix term of 3 and 5 yrs Help to buy outstanding amount is £36000 Summary: House purchased in £170.000 An outstanding mortgage with Halifax: £118.662 Outstanding with Help to buy £36000 The bank is evaluating the flat in £190.000 Additional borrowing offered: £43.000 The biggest house needed in 3 years (£250-£300k) (I have some savings) Questions: Do you think is possible to pay the HTB with this additional borrowing and after 3 years refinance the house to get part of the principal for a new biggest house and rent the 1 bed flat? Do you think could be a better idea to get this money to get a buy to let apartment in Manchester Leeds Liverpool and them use this to refinance to get the principal for the house? Many thanks for your advice
  8. Hello everyone, I hope you're well! I'm not sure if I'm in the right place for questions about my own home mortgage, if not I can remove the post. It's my first time remortgaging and I have a few questions. When we purchased the property 5 years ago we completely gutted the house back to bare brick, re-plastered, fitted new bathrooms, new kitchen, all new fixings, and gave it a fresh coat of paint. When remortgaging for when the 5-year fixed term ends should we pay to have the place valued in the hope that we've increased its value to get a better LTV ratio on the new mortgage product? Which mortgage broker would you recommend for the remortgage? When we purchased the property we used London & Country but I've since heard it's better to go with a broker that I paying rather than a fee-free broker like L&C, is this true? I've recently heard of Habito online mortgage broker, would you recommend them? Sorry for the newbie questions and thank you as always for such a great community! Cheers, Ryan
  9. We are considering purchasing a property in the North East though our limited company. We would be paying cash initially but would want to mortgage after a six month period (or sooner if possible), but due to value of the property are little concerned of it being possible - property value will be around £45-£55k, so with a 25% deposit, the mortgage advance will be quite small. Does anyone have any experience of this and advice?
  10. I am after some advice if possible please! I am applying for a joint mortgage of £178k for a property which is £498k (offer made and accepted). The mortgage will be split between my partner and I. The issue for me personally is old payday loans (quite a lot of them) which are around three years ad three months old, and have been paid off. My partner has no payday loans. Neither of us have any 'adverse events' on our credit scores. We have an agreement in principle from a high street lender. So, my questions... What are chances of our application being declined on the above issue? Will anywhere give us a mortgage at a semi decent rate?
  11. I am after some advice if possible please! I am applying for a joint mortgage of £178k for a property which is £498k (offer made and accepted). The mortgage will be split between my partner and I. The issue for me personally is old payday loans (quite a lot of them) which are around three years ad three months old, and have been paid off. My partner has no payday loans. Neither of us have any 'adverse events' on our credit scores. We have an agreement in principle from a high street lender. So, my questions... What are chances of our application being declined on the above issue? Will anywhere give us a mortgage at a semi decent rate?
  12. Hi all, So myself and 2 other friends (All aged 23) are looking to put our funds together to buy a 3 bedroom property (£180k-£210k) next year, that is in need of interior renovation/modernisation - A relatively easy flip in terms of work to the house. Once flipped, we ideally would like to rent this property out and use a letting agent, possibly with full property management, and split the profit . However, my questions are all mortgage related queries: - How easy is it to swap from a residential Mortgage onto a BTL? Bearing in mind 2 of us are in the RAF so receive several exceptions to common mortgage restrictions. - Is it better idea to split a mortgage 3 ways or have one of us put the mortgage in his name? - Any other advice around this strategy? Thanks S
  13. Hello Everyone, I am looking to remortgaging my leasehold ex council flat, its worth about £55-60k, it does not have a mortgage. I would like to know do i need a solicitor to do any legal work & if so roughly how much will the solicitor charge? Many thanks. Sub.
  14. Hello, I would like to start building up my portfolio of rental properties in an SPV format. I am keen to start contacting mortgage advisers to look for the best limited company BTL mortgage rates. Does anyone recommend a good mortgage advisor with experience of helping a newbie get into the market ? Thanks Camilla
  15. Hi All, Given the current climate, a property investment in my mind is increasingly compelling. Ideally looking for studio in London zone 1/2/3 around ~£300k. I'm 27 and hoping to get some input from you seasonned investors, regarding my financing options. I'm currently working hard and full-time building a tech company, from which I take a tiny monthly salary of £1,700 net. I own an apartment in London outright, value is approx £800k and I have £60k currently invested in stock/crypto which I could put into a deposit. The aforementioned property is a three bed, I rent the other two bedrooms for a total of ~20k per annum and live in the third. My question is; given my low, risky and irregular income would a bank realistically provide me with a mortgage? If so, how should I go about framing this application? Remortgaging, would be an option but not my first. If not, are there any other routes I should be exploring? I'm primarily looking for long-term appreciation rather than monthly income. Thank you in advance. PS; Would love to connect with property investors for knowledge exchange and coffee (at safe distance); I have deep expertise in software and digital assets PM me
  16. Hi, new to the exciting world of property. We have set a company up but need some adcice on accountants and brokers any suggestions are welcome! Thanks in advance!
  17. Hello all, I refuse to repeat the same opening sentences on all emails and introductions based on what is currently going on, however i do hope everyone is well of coarse! Me and my partner are young professional living in a rental apartment, we do not own a property or have a mortgage at the moment. We will soon be looking at mortgages at a later date, i am looking to start becoming a property developer and one day start my own business to the point where i no longer need my current job. I am researching the types of mortgages where by i can kick start this business and the best way to approach this. My question is, can you obtain a mortgage for a property as our first purchase and a bridging loan at the same time or the other shortly after say within a year or so? understood that bridging loans do not look into your personal income for assessing whether they can be approved or not. instead the value of the property is part of the valuation(to be purchased). Therefore is it possible to have a mortgage say 95% and a bridging loan with the mortgage for our home to own and a bridging loan used for a project to renovate and flip a house elsewhere? Understand that we would need to be sure of the costs associated with interest from mortgage loan and bridging finance on a monthly basis, if this is affordable for us and the payments can be made easily is this something that can be done as a way to make a start on the property ladder for both ourselves and a project to start? Apologies for any outlandish assumptions i have made (if they are) i am a novice when it comes to mortgages, i also understand that the best advise would be from a mortgage broker but this is solely for the purposes of planning for the future. Any advise would be most appreciated Thanks in advance
  18. Hi i am looking In to getting a mortgage on a property to rent out after a year, however I am also going to be need to buy my own home in 2/3 years. I am after some advice as I’m wondering would this affect the amount I’m allowed to borrow for my own home. Would I be better of getting a family home first and then a rental property a year or so later. Thanks Billy
  19. Hi everyone, I wonder if somebody can give me some advice? We recently had the opportunity to buy the house next door to us for the purpose of knocking through and combining them. The two properties used be one originally so I have no issues with the actual building work. My question is about how to proceed as we own the empty house outright and have a mortgage on our current house. What should our next steps be?
  20. My mother owns her own home outright which is worth about 110K. We are looking to invest in BTL together and have 60K capital between us; how do we go about releasing the equity in my mother's home so we can use the capital to cash-purchase a BTL property? Any advice greatly appreciated!
  21. Morning all, after a bit of advice please. I have a ltd company and am looking for a way to invest with a friend that has capital currently in his personal name. We are looking to do flips to build some more capital As far as I am aware neither of us are interested in investing further in our own names as I do not see this as a viable option for tax purposes. I was wondering if their was such a thing as 2 Ltd companies investing together?? I realise this may be tricky as to which company would hold the charge, but I still would like anyone's opinion on how possible this is and if there are any better options other than us opening another company in joint names. Many thanks in advance James
  22. Hi all, My name is Cosmin and I start the journey of investing by buying a small 2 bedrooms house in Leamington Spa (50 m2). It was the house I was renting so I thought it was a good idea to have it until I'm saving enough to move to a bigger house (the one where you raise your children and live for the rest of your life). At the moment the house can accept some big upgrades: heating / bathroom / an extension (around 10 m2 ground level only ) I have 10% equity at the moment. I know I need to have around 25% of it to be able to move the mortgage to BTL. What is the best way to increase the equity ? Option 1: do only the upgrades and hope the new price is enough to increase the equity around 25% - it won't jeopardize my saving plan for the bigger house. Option 2: do some of them (first 2) and pay extra for the mortgage (5-10% each year) - will put me back a couple of years for the bigger house. Thanks for your thoughts.
  23. Searched for an answer to this one for a while. What is the minimum you can borrow on an interest only BTL. Was looking at properties around 60k-70k so loan would be around 45-50k?
  24. Hello All! Over 2019, my partner and I have been educating ourselves about property and all the ins-and-outs of BTL. We have managed to save £30k, and now we need to take the leap of faith and actually start DOING some investment!! I'm the kind of person who has to have a clear plan of action, and I'm really struggling to nail down the process to purchasing our first BTL. After many discussions and considerations, we have decided that buying property as an SPV Ltd company will be the best option for us (both in terms of tax implications, and long-term goals). We would be so grateful if anyone could offer any advice on what order to complete the following steps in: - Set up a Ltd company (Side note - how have people found is the best way to do this?) - Get a mortgage-in-principle (Is this possible for Ltd companies before finding a property?) - Put an offer in on a suitable property - Set up a separate bank account for the Ltd company (Can this be a standard bank account?) - Any other step in the process to purchasing your first BTL as a Ltd company that we have overlooked! Any advice would be very much appreciated! Thank you in anticipation, Hayley and Steve
  25. Hi, does anyone have any experience of "Multiple Dwelling relief (FA2003/Schedule 6B)"? I'm assessing whether or not to move the 6 BTL properties that myself and my brother jointly own in personal names into a Ltd Company. One of the major factors in my decision is the amount of SDLT i will need to pay by moving these 6. I have come across the Multiple Dwelling relief (FA2003/Schedule 6B) which states:- "Where 6 or more dwellings are purchased in a single transaction the purchaser can choose whether to apply the non-residential rates of SDLT.” The Ltd Company i set up would in effect be purchasing these 6 properties and if i did this in one or a 'linked' transaction, could i take advantage of this relief? If this was an option to me i would reduce my SDLT liability significantly - my questions is, has anyone done this? had any experience in this? or could offer me any words of wisdom on the subject??
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