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  1. Hello everyone, I'm new to the UK. Landed here in November 2021. I'm on a Skilled Worker Tier 2 visa earning about £36300 salary. Eventually I would like to purchase a property here in the UK after building my credit score, probably 1 or 2 years down the lane. I have started contributing to Lifetime ISA since February 2022 since it can help me in the first home purchase. Now when I did some research, most people said that as a foreigner on a work visa you would need 20% ++ deposit for a house purchase. I have spoken to a friend of mine who said he knows a person with a bad credit history (has about £30000 debt) purchasing his first home here. Can someone tell me if this is correct? Any other advice is highly appreciated.
  2. Hi all I am looking for some advice as I am on my first investment and want to play it safe until I get the hang of the game. I am in the course of purchasing a on bed flat in Liverpool city centre and I’ve already been declined by 2 big lender as the block is predominately investment units. The broker thinks I should look at other properties but with this market I’m not too keen on doing that. Should i look at other brokers (maybe try to renegotiate the purchase price) /or look for another property in a block with more owner occupiers. Any advice is welcomed. Thanks in advance
  3. Hi Hubers, Wonder if you can help me out? My service management/estate agent has recently advised that I should rent my BTL property to a corporate company to do what’s called a “corporate let”. The idea behind it is the the corporate let would basically sublet the property to contractors and possibly through AirBNB. My questions are; What are the caveats to doing this? Would I need a special contract between myself (landlord) and the corporate company or would a contract between myself and the lettings company be enough? Would the building insurance have to be notified that the property is being sublet to a business? I take it the mortgage provider would also need to be notified which could mean having to change product or would I just need to notify them on remortgage only? If anyone’s been in this position, I would love to hear from you. Thanks in advance!
  4. Hi All, This is my first time posting on Property Hub and I am looking for some specific advice regarding mortgage brokers and buy-to-let mortgages and would appreciate any support out there. I am not a new property investor/developer and have been buying small commercial lock ups, shops and garages for use in a old business that I have now sold. All of these properties were bought with cash since 2006. I know feel it's the right time to move back into residential property investment, so have started to sell off some of these commercial assets as I have wound up the old business. I currently have £150,000 in cash to invest and a further £250,000 in commercial property that will be sold over the next two years to further fund my new residential purchases. I have a good credit history and no debt apart from my own home mortgage that is only 25% of the current value. The problem I feel I may come across is that whilst I am relatively cash and asset rich at the moment I have no provable income. I have spoken with two brokers last week over the phone and received to very different answers to my queries. On hearing the above the first broker (who doesn't charge a fee) told me that the only way I would be able to get a mortgage is to start a new SPV. Once done I would be able to access mortgages for my first residential investments. He explained that because I was asset/cash rich, but had no provable income this was the only option open to me because SPV mortgages did not require any proof of income. The second broker I spoke to (who will charge me a £1200.00 fee) gave completely different advice. Her view on hearing my story was to tell me that there was absolutely no need to start a new SPV. Her opinion was that opening an SPV would only complicate the matter, with extra paperwork and legalities that could be avoided by using a traditional Buy-to-let mortgage. Her view was that she could find me a mortgage without any issues, providing the information I have told her is correct. Please could someone advise me on who is giving the best advice and value? and is a £1200.00 broker fee for a standard buy to let mortgage a good price or not? I live in South Wales, have just requested a Property Hub Goals setting call and have found a property I would like to offer on. I have also opened the SPV in case I need to use it. Thank you in advance Alex
  5. Hi all I'm Nicole, Based in Manchester and looking to start my property journey in my home city. This is all new to me, I have some money to invest and my goal is to have a few student properties under my belt within the coming years. I bought my first flat ( first time buyer with mortgage ) in a great student area which i am currently living in for 3 months now. My partner also has a flat in the same building which he rents out to students. We would like to buy a house together in the future but don't want to sell our properties so would like to rent them both out. The only thing I worry about is how this would affect us in the future wanting to buy a house together if we both already have properties but would like to rent them out to provide extra income to help with the mortgage repayments. Do you have to live in the property for a length of time first? Any advice/ strategies or information would be greatly appreciated! I am excited to be part of the property hub community and hopefully document my journey!
  6. 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
  7. Hi, I am looking to refinance my property (in which I live) that I own in shared ownership. My shared ownership partner wants to withdraw his name from the deed with no monetary claims. However, I would not be able to refinance only in my name due to loan to salary affordability restrictions. If another friend will be willing to put his name on the mortgage with me what implications will that have when I sell the house in the future? Because he is not living here, will I have to pay capital gain tax on his share? What if he also doesn't have any monetary claims on the property revenue upon sale? What other implications should I be aware of? Would anyone be able to help?
  8. Hi everyone, I’m a 28 year old from Jersey and looking for advise from some wise people out there. About two years ago I bought my first property worth £540,000 with a deposit of £270,000, at the time with no experience in property investment and very little knowledge, (as you can tell :) ). Knowing what I know now I would have done things very differently, but no regrets. My question is, I’m on a 5 year fixed mortgage at 2.24% with a very large amount of equity in the property, how can I get into that equity to use to invest in more property, I know there’s different ways but if anyone can point me in the best direction that would be great. Thanks in advance! J
  9. Hi, I have been trying to get a mortgage on a new build apartment in central Manchester that is due to complete in May. I have found two problems so far: 1. The block is 12 stories high 2. I have started a new job (1 month in) but had a break in my career due to redundancy where I got a pay out and decided to take some time out. Has anyone got any advice re lenders that will lend 75% against a property 12 stories high? Also, do I just have to wait 3 months until I apply so that I meet most lender's income requirements? Thanks in advance! Vince
  10. Hi All, Been following The Property hub for a long time and an opportunity to purchase a property has come up that I would like some advice on, in short: A 3 bed mid terrace property is to be auctioned in a couple of weeks with the starting price around 100k BMV for area, I'm well aware this is likely to go higher. The property has been repossessed, has internal water damage and needs a complete refurb. The numbers seem to stack up from my calculations. I will be viewing it to have a proper inspection this week to get more of an idea on the work. My intention is to refurb pull money out and convert into 4 bed HMO as its outside article 4 and in a good area. My questions: I had always intended to start a ltd company to buy properties in as I intend to be in it for the long term and I could save the 1st time buyers stamp duty relief for a bigger purchase but after reading different threads on here and considering the time constraints I am questioning if this is a good idea/possible? I will be speaking to mortgage broker early next week, but would I need bridging finance for the refurb or could I buy on a residential, live there during refurb and then convert to HMO BTL once complete? (taking into consideration early redemption fees).Finally does anyone have any experience with water damage properties, what specifically I should look for when viewing the property specifically for water damage and HMO compliance other than room size? For context I am a 1st time buyer living with my parents. I work as a civil engineer earning 27-28k so have saved up enough for 20ish% deposit on this house. I am aware it is a big job and hoping this will put most people off. My parents have two BTL properties which have given them good returns and I've lived in properties being renovated for as long as I can remember where my dad has carried out most of the work himself and I have helped. Assuming I could get this property for the price I anticipate, there is nothing on the market even close in terms of value. As I mentioned before I always intended to be in this in the long term, and while my ambitions have been tempered by some threads on here, I still intend to build a portfolio income that I could not achieve by career progression alone. Any advice would be greatly appreciated, Many thanks Jordan
  11. I was about to complete on the purchase of a new property but the mortgage lender has now turned round and said they would like to see the ground rent reduced from £350 to £250 pa. and increase the ground rent review from 5 years to 15 years. The developers were a year late in completing the property anyway . The developers have agreed to reduce the ground rent to £250 but it is going to cost me £4000 to get the amendment made on the lease! However the developers are not prepared to budge on the review period and we are locked on this point. The developers are pushing to complete at the end of next week. Apparently there are 8 other buyers in this development who are in the same situation as they have the same lender but the developers nor my solicitor is prepared divulge their contacts so that we could work together. If this deal does not go through then I might loose my deposit as there is not enough time to find another lender. Any advice will be much appreciated!
  12. So Crystal balls on standby... Broker has suggested the following Interest only mortgages: 2 year fixed rate @2% OR 5 year fixed rate @2.5% Which one would you recommend and why? Thanks in advance. Phil
  13. This is my first post since joining this forum for quite a while! Thanks for everyone's help in advance! I plan to buy an apartment as investment. I would like to know whether I'm able to apply for a BLT mortgage on my own? I'm currently owning more than £40k annually but on a spouse visa (my husband is British) We live in our own house and currently the house mortgage is under my husband's name solely. My husband ideally doesn't want to be on the BTL mortgage. I don't have any other property/mortgage under my name. Appreciate if anyone happens to know. Many thanks!
  14. Hi guys, I am currently preparing to purchase my first buy to let property and need some remortgage advice. I will be carrying out some refurbishments to increase the property value immediately and looking to remortgage, in order to regain some of my refurb costs and put the money towards another buy to let deposit. Could anyone please tell me how soon after I purchase the property, using a buy to let mortgage, can I revalue, remortgage and release the new equity. Thanks, Jay
  15. Hi All, Just wondered if anyone could give me a little advice/point me in the right direction - thanks in advance! I'm 18 and looking to invest in my first BTL single let property. My father has agreed to allow me to raise finance on our family home, which means I can be a cash buyer. After a refurbishment, 6 months later I'd hope to refinance at a higher value with 75% LTV in order to repay the mortgage/bridging loan on our family home. Any surplus, I suspect around 10-15K, would be paid off with my own funds so I was the sole owner. Couple of complications!: I'm 18 I'll be a student for 3 years from October I have no other income As a result, just wondered if it would be better to do this through a company or whether even in a Ltd company my demographic still wouldn't be acceptable for a mortgage. Secondly, the first stage of finance on our family home: I know bridging can be quite expensive so I'm a little hesitant but I also know taking out a mortgage and paying it off in six months time isn't the right thing to do either... Any suggestions? Thanks all in advance, Ben
  16. Afternoon all, I am new to this site and wanted to introduce myself. I am a self employed "whole of market" mortgage broker. Specialise in residential and BTL mortgages. I have nearly 10 years experience in the finance sector and nearly 4 years experience in the Mortgage Industry.
  17. Hi I have few friends abroad who want to invest in property in the UK. I have opened new LTD COMPANY, there are 4 directors, I am one of them, 3 directors are from aborad. These 3 directors are going to send 30k each, money into my LTD COMPANY ACCOUNT as investment. Now, I want to make sure again that is this is the right path to buy properties in LTD company name. Can someone please advise me that is it possible to get mortgage on LTD COMPANY NAME, is there any hurdle or any rule for foreign investors.? Thanks
  18. Hi All, I have scenario where buy I own a property with a friend. We are now at the stage where we would like to purchase our own homes with our respective partners but would like to retain the property as a long term investment. I assume this will mean transferring over to a buy to let mortgage. I'd be grateful for any advice/help with this. We have circa 75% LTV on the property. If any one can help (Broker or otherwise) I'd be very grateful! Thanks, Rob
  19. Halifax state they will accept a gifted deposit from the partner of a mortgage applicant on the basis they are cohabiting / common law. Does anyone know if they would accept it from the partners parents? Similarly Natwest state they would accept a gifted deposit from "Third Parties" subject to a letter stating they dont require reimbursement or have any interest in the property. Does anyone know what constitutes as a third party in this instance? If anyone works / has worked at either bank or has dealt with them in the past or is dealing with them currently I would greatly appreciate your advice. Kind Regards
  20. Hi Everyone, It's a pleasure to join your community here at the Property Hub and I'm looking forward to getting involved. A bit about me... I'm a mortgage and protection adviser based in Derby. I help people find the best residential and BTL mortgage deals and guide them through the house buying process. I also offer my clients protection advice and help them put the right insurance policies in place to protect their property assets. I'm am an aspiring property investor inspired by Rob & Rob's fantastic podcast and just starting out on this journey. Really looking forward to learning from you guys and helping others where I can. See you in the forums, Tim
  21. Hi, I wonder if someone can help me, or steer me in the right direction? I have paid of my mortgage in my residential house and have some savings in the bank and I have been considering buying at an auction buying a tiered possibly run down property, refurbishing it up to a good standard. I had planed to use my savings to refurbish the property and to take some equity out property maybe using a residential mortgage to realise the funds to purchase this. I assume if I was to do this I would have to get a residential mortgage on the value of the new property however in 6-8 months once the potential property is up to standard I would like to re-mortgage this on a standard buy to let mortgage leaving 25% of the cash in the property taking 75% of the cash back out to repay my residential mortgage off on completion... Now I know that a residential mortgage technically isn't for this purpose? Any ideas? Thanks, Neil
  22. Hi all, As I'm the only one amongst my friends who actually finds mortgages exciting, I get all the property related questions. Thought I'd pass this one on to you clever lot as I have no experience with it! Do any mortgage lenders lend based on your full time salary whilst on maternity leave - 6 months left? Thanks!
  23. Hi, I'm looking for advice going forward with regards to living off my rental income and future remortgages. I'm thinking forward and looking at the possibility of living off my rental income in the near future. I'm looking to save up a lump sum to live off initially and would like advice from full-time property investors. 1st question is, once living solely on rental income, how easy is it to remortgage your BTL's and home mortgage? Have you done this? which lenders do it and what criteria are they looking for the least? and what's a typical rate of the mortgage? Most of my BTL's are on a 5 year fixed, 70% LTV and home mortgage is remortgagable in August 2018, 50% LTV. 2nd question is, Again living solely on your rental income, how many BTL's or cash flow would you have in your personal name before using a LTD company for other purchases? Would you buy in your personal name until your near the 40% tax rate? Thank you so much for your advice. Have a great day Paul
  24. Hello, I am looking to take a buy to let mortgage through a limited company. Got a deal with Paragon mortgages. Then one of the brokers mentioned they are a nightmare to deal with. They take a long time to process and then decline the application. Came across this link https://uk.trustpilot.com/review/www.paragon-mortgages.co.uk which has very bad reviews. Though the rate is marginally better I don't want to get into trouble. Any piece of advise is greatly appreciated. Thanks
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