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Found 313 results

  1. Hi guys, Myself and.my partner got offered a mortgage to buy a new property.Myself trying to be proactive I've applied and got a job closer to the new property that we are planning to buy. I am worried that the exchange of contract will be after I terminate my contract with my current employer for which the bank is aware. I would like to mention that I work in nhs,effectively transferring to a similar job and salary. My question was if I need to inform the bank in the change of this circumstances ? Thanks Alex
  2. Hi all. I am due to exchange on a property shortly. Me and my SO got our mortgage offer just after returning to work from Furlough after the first national lockdown. Our jobs are totally safe but we risk being furloughed again if this lockdown is extended. We requested to complete before the end of this month incase we are furloughed next month as our mortgage lender will withdraw their offer if we're furloughed. We've now been told that we cant complete till the start of next month and they want to us to exchange at the end of this month. I am scared to exchange contracts then find out that lockdown is extended and not be able to complete, running the risk of losing our deposit which would be devastating. I want to do a simultaneous exchange and comple to protect out deposit but the solicitors have said we can't despite the vendor not being in a chain. Can we tell our solicitor that we won't exchange contracts until the mortage funds have been released to them? I'm assuming this would work if there was only a few days between exchange and completion? Will this protect our deposit? Tia
  3. Hi My father-in-law's interest only mortgage ends in around 18 months. He does not have the cash to settle the outstanding amount, and due to his age is not going to be able to remortgage over a term that will make it affordable for him on a monthly basis. Being a builder, he took the decision a couple of years ago to split his property (which he originally built himslef, and is a detached property) in to two with a view to selling one half of it to fund the mortgage, now that all his kids are grown up and moved away. He did not speak to the mortgage company before commencing the work. The work is now complete. He has now broached the topic with his mortgage company (Barclays), with a view to finding out how he can split the title to release the equity. However Barclays are being very inflexible, and telling him that the only way that he can split the title is if the remortgage is repaid in full. However he can only repay the remortgage in full by selling the half of the property, which he can't do until the title is split, so he is in a catch 22. He has asked them if they would allow him to split the existing mortgage across the 2 properties, so that they retain a holding in each of the 2 properties until one is sold (at which point he could then repay both mortgages), but they are having none of it currently. Does anyone have any suggestions or smart solutions? The only way I could think of doing it would be to try and obtain some form of bridging loan (probably with the property as security?) for a short period of time, with the intention of repaying the mortgage and splitting the title before then taking out a new mortgage against one/other/both of the properties until 1 of them can be sold. I haven't explored this for him further yet as I suspect it will be extremely expensive, and I was hoping to find a more efficient solution. Any suggestions would be massively appreciated. Without a solution he is going to be stuck unable to repay his mortgage and with the potential for the property(ies) to be reposessed. Many thanks Doug
  4. Hi all, Completing on a refurb mid-end of November and want to get on the front foot with re-financing options. Can anyone recommend a good btl broker in the East Midlands? To be fair location can be anywhere but my conveyancer will be Nottingham based. thanks
  5. Anyone got any experience of setting up a declaration of trust, or currently have this set up..with an understanding of how this effects your borrowing abilities? want to set up declaration of trust in favour of my wife 99vs1%. Can we still have joint mortgage or not? Thanks
  6. Trying to pull £12k out of our btl to spend on a refurb, have a good Ltv however the house does need a bit of work and isn’t it what I would deem as a lettable condition. we are starting some of the work ahead of getting the mortgage agreed as it needs doing anyway. However, there is a risk that the survey will take place when the work is being done which will be in its current state it won’t have a kitchen for example and would not be deemed rentalable. If we had it surveyed 2 weeks ago, when tenants were in situ it would have been deemed rentable even though the issues would have still been there. spoke to our building society, they said that I cannot borrow the money from somewhere else and then reply on re-mortgaging to pay it back as it would be seen as debt consolidation. So potentially, even though the property has yeildrd a great rent and will yield an additional 20% when it’s done, I’m potential in the situation where I have an empty house then when it’s done will have. Increased by value and rent by 20% however I cannot get the finance to get to that point! Help! Also how do people pull equity out of these houses, she said that you can only remortgage for either work to be done on that house or your other property, not to pay off debt or buy another house etc. confused!!!!
  7. Hi - I'm a researcher and we're looking into challenges that arise when multiple people invest in a property, and the potential for a tool that tracks their financial contributions.Our survey only takes a few minutes to complete, and you can be entered into a draw to win a £50 Amazon voucher. This is part of a project supported by the Paul Hamlyn Foundation.https://maryrhome.typeform.com/to/QxvdnbMZ
  8. Good morning! My wife and I are very fortunate that we've managed to build up a portfolio of >10 properties over the last several years. Some of the LTV's are now below 65% yet remortgaging still seems expensive! If we had less that 10 properties, it seems we would be able to get rates of circa 1.9%, however having more than 10 means we're always looking at specialist lenders such as Paragon with rates of >3.5%. This seems expensive in the current climate for a mortgage of <65% LTV. We do use a broker, however does anybody have any experience of consolidating or approaching different lenders to get around this? Thanks in advance for any advice. Wes
  9. Greetings All, In the midst of planning my desired strategy I have come up with a curiosity - how do most property developers/landlords structure the financing for their own home? If you have enough capital, I suppose the optimal scenario is to buy a place in cash, but as most of us have limited capital, it is better to keep it 'working'.. I also don't want to be throwing money away on rent, so is the answer an interest only residential mortgage? Any tips, thoughts and opinions welcome. Thanks! Karl
  10. Hi All,I'm just after a bit of advice really. My partner and I had reserved a new build prior to COVID using the HTB scheme and had a mortgage offer ready to go for exchange but the pandemic struck. The build was then stopped and completion window moved from initially Aug-Sep 20 to Jan-Feb 21. Unfortunately my partner has been furloughed and this mortgage offer has since expired. We therefore haven't exchanged and will be unable to do so without a mortgage offer. We are trying to arrange for another mortgage offer but despite being way under the possible affordability threshold of our mortgage (even taking into account my partner's furlough salary) our lender is insisting on a letter from their company to explicitly state that they will be returning to work after the furlough scheme ends in October. Apparently they are viewing the furlough scheme as a 'temporary employment' and therefore need evidence of that they will be bringing people back to work when the scheme finishes. The company is in events which has been very badly hit by the virus and have given very little indication as to whether they will bring back staff in October or start making redundancies. Apparently even if we were to reapply with another lender, they would also require this letter of confirmation. This is despite one salary able to cover the mortgage payments and even the possibility of putting down more than a 5% deposit. I am doubtful that my partner will be able to get this letter because the company doesn't appear to have made many decisions r.e. their staff and the furlough scheme as of yet and therefore without this we are currently unable to get a mortgage offer. Without this we are unable to exchange contracts. So the new build we have been waiting for over a year to be ready and which was delayed because of the virus, is now apparently in danger of falling through completely? Are there any lenders who are offering mortgages without requirement for this return to work letter?I wondered if anyone might be in a similar position and had any advice on how to proceed? Thanks for your help!
  11. Hi all, I am looking to remortgage a BTL to release some equity, the BTL is currently let to an company on government AASC contracts to house asylum seekers (previous known as COMPASS contract). The company dealt with all the day to day issues, maintaining the property and paying the rent. The lease usually lasts 5-10 years. Is it possible to get a mortgage, if so, what are their typical terms please - LTV/Interest rate etc.? Many thanks!
  12. Hello, I am currently in the process of purchasing my first buy-to-let under a limited company and Paragon (the mortgage provider that I am using) have requested that I have a "Certificate of Confirmation of Advice" provided by an independent solicitor which will end up costing £600 in legal fees (two hours work). I have brought this unexpected cost up with my mortgage broker and he assures me that this is a standard procedure for every mortgage under a private limited company and will have to be done whenever I move lender or for any future purchases, although I have personally never heard of it before. Is this something that anyone else has gone through? Many thanks for anyone that can give me some advice, it is greatly appreciated. Nick
  13. Hi Does anyone have any experience with refinancing ex LA flats in London? If so, are you generally able to refinance with the mainstream lenders (Virgin, Clydesdale, TMW, BM etc.) or do you end up having to go to more specialist lenders? I ask since the ROIs look good but only if you can borrow at 2-3%, not so much if your mortgage is closer to 5%. Thanks in advance
  14. 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
  15. I’m a newbie here and have had one B2L for a few years under personal tax. I’m now moving it to a limited company and looking at mortgages. The B2L is worth £299k with a mortgage of £176k. I earn £51k pa. My IFA states the best limited company repayment mortgage rate is 3.19% for 2yrs or 3.64% for 5yrs. I’m not sure if this is high? Any help or advice would be appreciate.
  16. Hi all, So I'm a British citizen and I'm due to marry somebody with a Hong Kong citizenship (and BNO). I am currently living in Hong Kong and have plans to return to the UK to build upon my property portfolio. I have plans to apply for a joint mortgages with my soon to be spouse and build the portfolio together. Would my wife-to-be need to have British citizenship before we can apply for a joint mortgage, or will she be able to apple with her BNO regardless? Rayman
  17. Hi all, My sister current has a property with a decent amount of equity in it and is considering passing some of that equity over to me to start my Property portfolio. Is the equity taken out locked for the original mortgage/home owner or can it be passed as cash to someone else, i.e myself? If its the former, I assume the only way for me to access that equity and start my Property portfolio would be to apply for a joint mortgage with my sister. Any help would be much appreciated!
  18. Hi PH, I had started listening to the Podcast last year for the first time and almost caught up now and in a position to (try) and buy my first investment property in the UK. Without going into too much detail, I'm an expat and looking for a BTL expat mortgage for a property that is likely to be between GBP75,000 - 85,000. I have a deposit (25%/30%) for a property in this purchase price range, otherwise I would consider a more expensive property. I'm looking to take action which the deposit I have and purchase something this year. However, I am struggling to source a Mortgage Provider who is willing to lend on such a 'low' purchase price. I'm in discussions with a Broker but they have only given two providers who would consider this price range. Is anyone able to advise/recommend any other providers who would consider this price range or a broker who specializes in BTL expat mortgages? Appreciate any constructive comments and feedback. Thank you. Regards, Andrew
  19. I'm looking at purchasing properties using the BRR model, but I will want to refinance them before the so called '6 month rule' of ownership. However, I would rather avoid buying the property using 100% cash through bridging finance if possible (due to the expensive nature of short-term finance). The podcast mentions Day 1 Remortgaging where you buy the property (typically BMV) and the surveyor agrees in principle what the house will be worth when refurbished to a high standard. Using numbers to illustrate: Purchase price: £90k Value once refurbished: £140k Refurb cost: £20k Other costs: £5k Realistically the only other alternative appears to be standard bridging finance or a bridge to let, with the latter looking quite similar to a day 1 remortgage. I will also be purchasing through a SPV ltd company - Can anyone who has actual experience with this shine some light for me please? - Which brokers have you used in the past for these deals? - Failing the above, which lenders understand these requirements? Thanks in advance!
  20. Hello My parents currently have a BTL property, value of £375-400k with no mortgage, yielding £15k gross per annum. They have pension income of approx. £40k on top of this. My wife and I have a plot of land at the side of our house, that could get PP quite easily for a 3 bed detached. Cost to build would be approx. £300k Could my parents get a mortgage on their BTL property for £300k for the build costs? The new build will be in the names of my wife and me. Possible? If so, which bank / broker should we use?
  21. 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.
  22. Hi, Please can you help I am in need of some advice around mortgages. I currently have a ltd company and I want to purchase a house that needs renovating with a friend, to sell on (not BTL). My friend doesnt have a ltd company but we will need a joint mortgage, is this possible? Thanks in advance Simon
  23. Hi, is there any bank or lender which will allow my parents to become a guarantor on my mortgage, using the property they own as security? the property is 100% freehold.
  24. Hello Hubbers! I hope everyone is safe and well in these weird times. I wanted to see what people thought about leverage, I know this is a bit of a random topic but I wanted to know where people's 'safe zones' are. In my opinion, being able to use the banks money to leverage up on an asset is one of the best things about property as an investment vehicle. What % LTV do you think is safe? I appreciate everyone has different risk tolerances, but it would be great to get an overall picture. I personally don't see an issue with leveraging up to 75% LTV, but would that make you nervous? Do you think that's leveraged too highly? Of course having a property unencumbered is risk free but when you're trying to build a portfolio, this, in my opinion is counterproductive. You sometimes hear about property horror stories when investors have leverages too highly and it all goes bang because of this, but how does that actually happen? The only way I could see this happening from poor money management, an increase in interest rates or empty properties, or perhaps a mix of all three! If you have a portfolio leveraged up to 75% and it's cash flowing nicely and you've got buffer, how can things go downhill so quickly? If you do all the correct DD on your properties and make sure they stay in positive cashflow even if rates get to 5-6%, where are your risks? This isn't really a representation of my own portfolio, more a conversation starter. I'd love to hear from someone that has lost it all from property, and if that's the case, how? (Providing you're comfortable sharing). Thanks for taking the time to read, I look forward to your replies! James
  25. Good day! With us all living in this day of heightened retrenchment risk. Does anyone know if BTL mortgage lenders will lend if your sole means of income is from rental property? Would love to hear of any real life examples. Surely some of those successful enough to have become full time investors still have a need for mortgages? Perhaps the only way is through other investors? I am looking/hoping to make the leap. Many thanks! Wes