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  1. Hi all, I hope you guys can help with this…any advise would be very much appreciated. We have applied for a residential mortgage with Santander through a mortgage advisor. We were expecting no issues and our advisor was very confident that we should not encounter any problem. The application initially went smoothly and no issues were flagged with affordability nor credit score nor valuation of the property we would like to purchase. However, during full underwriter review we had a push back. We have been told that since at Company House I am
  2. Hi, any insights would be much appreciated on the following: I am looking to buy a property which is being sold as 2 flats (a 2 story house has been split over 2 floors) each with it's own private entrance - according to the details I would be buying the freehold and own the whole property I could either keep it as flats or turn it back into one house. 1. Would I be able to get a residential mortgage on the property? 2. Would I be able to keep it as flats, have one flat as my primary residence and rent out the other one? All whilst staying on the resi mortgage? 3. If I want
  3. Hi everyone, I am in the process of purchasing 25% of a shared ownership flat and 2 of my mortgages applications (barclays and halifax) have now been declined for the same reasons : "they won't lend on the property as its an investment-led development property - It appears lenders are not liking the property due to the surrounding of the property and the development appears to be aimed at investors" Could someone explain to me why is this a problem for the lenders? surely that will not affect my capacity to repay my mortgage, and being a shared ownership, i would
  4. Hi All, New to the forum and looking for some insight into what my chances may be of securing a btl mortgage in limited time, So to cut a long story short, I have purchased a flat in auction just on Friday 28/2/21, yes I know it's crazy but I haven't physically seen it. I was outbid on the actual auction, however it didn't meet the reserve so didn't sell. A week later I get a call, it's still available and being offered to me below the reserve before it's back in auction a week later, I make a lowball offer which was refused, I then offer to meet half way to the sellers asking price
  5. 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. Basi
  6. Hi, I am almost towards my deposit goals to apply for a mortgage for a house. I would like to read the full terms and conditions before I apply for a mortgage, in England. Can anyone provide further details on this? Is there a sample/template/webpage which lists all the terms and conditions that must be included in the contract? Many thanks, Ije
  7. I have been gifted a monthly amount of money from my dad for the last few years and it qualifies under 'normal expenditure out of income' (section 21 of the Inheritance Tax Act 1984). I was just wondering if I am able to boost my salary by adding this monthly gift to it? and in turn apply for a larger mortgage? for example; I have been gifted £500 per month, for the last 7 years from my dad ('normal expenditure out of income'). Can I add this to my main salary of £2500, to boost my salary to £3000 and receive a larger mortgage? Cheers
  8. Hi all, I am scaling up my property investment portfolio. I have applied for 5 mortgage applications alone this year. This is taking a toll on my credit score, essentially halving my score to how it was at the start of 2020. The plan is to continue scaling up, potentially 2 mortgage applications planned for next year 2021. My question is; How do other investors deal with this situation with regards to hard searches affecting your credit score? Am I being too ambitious? Regards, Craig.
  9. I am from the UK but I now live in South Africa. I set a goal to make my first property investment this year. I have put a 2k reservation fee down for an off plan apartment in Manchester back in July 2020 to be completed Q2 2022. The process has been taking a long time and it brought up issues with the developer as my but to let mortgage is looking likely to come through a Shariah bank who have said they are willing to give me a mortgage at this stage. Once the property build is complete in 2022 the sellers solicitors will serve notice to complete in 10 days. My solicitor has ironed
  10. Hi everyone, I am relative new to the forum, and enjoyed the property podcast for a few months now. I am currently working for a big multinational and holding T2 VISA in the UK, as a UK resident, but not as a permanent resident. I am thinking of getting my BLT property here but wondering if it could be done. Any mortgage broker is able to help and can arrange a call with me would be greatly appreciated. Thanks, Dennis
  11. Hello All. I am a part time landlord with 2 HMO's as well as my home. I am interested in buying a commercial property which will come up for auction soon. It is a doctors surgery on a lease where the tenants maintains the property etc. The yield seems attractive (around 5%) and the land has potential for development in the future. Ideally I wish to convert mine and my wife's pensions into SIPP's, together with cash to purchase it. However since it is being sold at auction, preparing the SIPP will take too long and I would have to purchase it another way first. I am budgeting around 9
  12. 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
  13. 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
  14. 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 commenci
  15. 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
  16. 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
  17. 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
  18. 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
  19. 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
  20. 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 accou
  21. 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
  22. 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
  23. 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!
  24. 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 o
  25. 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
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