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Found 303 results

  1. 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!
  2. 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
  3. 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
  4. 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
  5. 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.
  6. 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
  7. 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!
  8. 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
  9. 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!
  10. 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?
  11. 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.
  12. 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
  13. 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.
  14. 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
  15. 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
  16. Sorry if this has been answered already, I couldn't find anything when I searched but perhaps I'm not searching correctly. Essentially, I'd like to know if the lender stress test of 145% is based on the gross rental income or net, i.e. before management fees and maintenance fees etc are deducted or after?
  17. Hi All, I'm looking for some advice if anyone can help me I currently own a BTL in Nottingham with 61% LTV. The deal I currently have is a 2.58% repayment mortgage until the 31-12-2023. To exit the current agreement I believe it’s between a £3000-£4000 exit fee given that I originally got the deal on a 5-year fixed. My goal however is to change to an interest only mortgage and I’m looking for some advice on whether this is first and foremost sensible and whether it makes sense financially to do so given what’s available in the market? Because of the corona virus, is there anyway I could have some bargaining power with my current lender and reduce the exit fee if I remortgage with them?If anyone knows any lenders or advisors or has personal experience that could help with this, I'd really appreciate your help. Stay safe everyone. Fabs
  18. Hi All, BLUF: Views on financing mixed use property welcome! We are in the middle of buying property number 3 in our limited company (company turns 1 year old in 2 weeks). So far so good, with 2 single lets running smoothly. The third is mixed use, with a 2 bed property with a shop on most of the ground floor. Purchase price is 95k and the yield is excellent. Tenant in situ upstairs, and tenant secured for retail unit on 6 month rolling agreement. Initial attempts at getting finance on the property have been very tricky, with lenders either not interested in such a small sum, or concerned about the lack of trading time for the business; all of which I understand. In the interim, we have decided to cash buy as we don't want to loose out on what we think is a good deal, but are keen to secure finance fairly soon so we can look for number 4 in the next 3-12 months. Anyone had similar issues with mixed use property? Any tips welcome, along with places to go for finance at a reasonable rate. yours Jim
  19. Hello, I'm currently selling house and the completion was set to this week. The Buyers solicitor requested the money from lender, but the lender declined mortgage application because buyer has just been furloughed. Is there any lender who still gives mortgage to furloughed people? Should I wait until buyer is put back onto full time? Thanks,
  20. Good Morning, I am a UK citizen but currently living in the United Arab Emirates. I would like to buy a property in the UK to rent out. I currently am renting my UK home and have paid off my mortgage. I am unsure whether it would be better for me to remortgage my current house to use funds to buy another property or to take a separate buy to let mortgage. I am looking for a mortgage advisor who specialises in expat mortgages. Can anyone offer me any recommendations? many thanks Sarah
  21. Dear Hubbers, I am in need of guidance on specialist mortgages and risk - very grateful if you could take 5 mins to look at my 3x questions below. Situation Reserved an offplan city centre flat (reservation paid, no deposit paid, not exchanged contracts). B2L mortgage declined by three separate high street mortgage providers. Only 1 of 3 valuers actually conducted a survey. Reasons for rejection centred on: Development being 'too investor led; not enough owner-occupiers' Ground rent being greater than 0.1% of sales price, and Undisclosed issues with cladding Notes on the development: In 2017 the developer and lead contractor went into administration. New developer and builder brought in with strong track record. Previous developer provided a rent guarantee which turned off many lenders. No rent guarantee is provided by the current developer. Ground rent 0.14% of purchase price Cladding is Alsecco brick slip system Investor to owner occupier ratio is 60:40 Mortgage brokers have advised me: High street lenders have low risk appetite and their valuers are likely to have ruled out this development back in 2017 due to the rent guarantee and also that it is an investor led project. Their evaluations are yet to have been updated. The valuers' feedback is likely relative generic e.g. cladding. Specialist mortgage lenders are likely to consider the development and will charge higher fees (extra c£1,500) and higher interest ( extra c1.4%pa). Individual investors would use a specialist lender if they believed a development was purchased at discount and has strong chance of capital growth - thus they are willing to pay higher mortgage costs in order to realise that discount and growth. Developer / my solicitor unable to provide details of mortgage providers for other investors in the development. I can't help but sense that if I purchase this property I am shooting myself in the foot: I have to pay a lot more for the specialist mortgage; run the risk of having to get another expensive remortgage; and the risk of struggling to sell the property as I'm limited to cash buyers or investors with specialist mortgages. Why would I purchase it and pay more mortgage costs when I could just purchase a resale property in the knowledge that I can get a high street mortgage at lower rate and also have lower risks of remortgage/resale? Both the resale and this offplan property are subject to the same house price growth and rental growth rates of that given area. ...And yet individual investors must be using specialist mortgages and seeing financial success - the property investment firms cannot exist solely on cash buyers. What am I missing? Where do I go from here? 1. Continue with purchase + use specialist mortgage lender + risk remortgage and resale. 2. Cancel purchase + look for another offplan 3. Cancel purchase + buy a resale Questions: 1. What will the mortgage availability be like at remortgage, say after 2 years? I assume I would be limited to the same specialist mortgages as I still have the same constraints: > 0.1% ground rent, high number of investors and cladding. And therefore accept higher interest rates. 2. Is my resale market, in say 5-8 years, much smaller if I have taken a specialist mortgage? I assume, as the same mortgage constraints will stand in 5-8 years, that my only resale market will be investors: cash buyers or investors with specialist mortgages. As a result, I will not be able to demand a higher price for the unit, which seems a pretty illogical exit strategy. 3. Why would I use a specialist mortgage, as an individual investor not under a limited company, if it will cost me more and I run the risk of not getting a remortgage or resale? The only rationale I have for doing this would be if I was confident that the unit was purchased at discount and that it was worth paying higher costs to be able to realise this discount in a future sale. However I'd still have the ground rent and cladding issues - if they are indeed the real issues or just generic issues given. A lot of detail there - thank you for bearing with. Look forward to hearing your advice.
  22. Hi, I am about to purchase my first property (First time buyer) in the location that is perfect for my needs, and due to many developments on going in the area including a new underground station, I expect the value of the property to increase over time. I have just received mortgage offer (2 year fixed rate) and the deal is nearly ready to be sealed, but with all this economic uncertainty, I am unsure if this is the right time to go ahead with the purchase. There are several factors for my hesitation: 1. Due to the market crash, my investments are in it's negatives for the first time. I would need to take money out of this investment in order to pay for the deposit. If I take out money now, I will be losing about 2000 GBP. 2. I was hoping to refurbish the property before I move in. Currently there are no workers who is willing to carry out the work. 3. The Bank of England has cut base interest rate to 0.1%. My mortgage offer has come through just before this change in interest rate. I wonder if there would be better rates available with this new interest rate? On the other hand, my job is secure and I don't expect corona virus to impact me financially too much. Can someone give any informed advice/thoughts on how the property/mortgage market would be like in the next few months? Many thanks,
  23. Hi all, Boris said earlier today he expects the Covid-19 Pandemic to last around 12 weeks. I understand it’s early days yet but what (if any) effect do you think it will have on the property sell market? I’m in the process of purchasing a property to move into, renovate over a period of 12-18 months and then sell on. Also I’m purchasing through a 2Year fixed rate mortgage. The application was submitted the day before the BBR fell to 0.25%. Is it worth re-applying/seeing what (cheaper?) products are now available or will lenders be more restrictive of who they lend to? Thanks in advance for any advice! Rich
  24. 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
  25. Hi Hubbers First post- happy to be an official Hubber :-) Can anyone recommend any good independant BTL mortgage advisors in Scotland? Thanks Duncan
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