Search the Community
Showing results for tags 'raising cash'.
Found 3 results
Remortgaging to raise funds
harryl posted a topic in Mortgage AdviceHi, I am looking to remortgage my only BTL property with the intention of buying a second BTL property. I have begun the process with Barclays through a mortgage advisor. The problem is that they cannot give me a mortgage offer until I have found a second property that I wish to purchase. Is this normal? I want to remortgage my current property on a specific date at the end of the current term (in a few weeks) to avoid going onto the SVR. I don't understand how anyone can find a suitable property with that kind of time constraint. Is this normal when trying to raise funds by remortgaging? I had assumed they just send the money to your bank account when the mortgage goes through, and then you are free to buy the right property when you find something suitable. Is this normal? Is there any way to get around this? I'd be very grateful for any help. Thanks, Harry
leeds Beginning my venture..
amck149 posted a topic in Introduce yourselfHi all – first post in and hoping I can use this platform to tap into some great minds. I have been listening to Rob(s) podcast for a while now and have been doing a lot to try and educate myself on the ins and outs of property investing for beginners. I feel like I have a learnt so much over the past year, but I have the biggest frustration of not being in a financial position ready to start my venture. I have recently purchased a house (joint mortgage with my partner) so have limited equity available to release from that. I earn a decent enough salary that I am able to put away around £8-£10k / year. That does however still leave me a few (3 minimum I would have thought) years away from having enough capital to get started. I live in West Yorkshire so I know the Leeds market inside out, I am looking to get a foothold in this rising market – most likely a renovation that I would then look to create a positive cash flow through renting out. In order to get me there quicker, I would be interested in gathering peoples thoughts on this approach? Is there something else I may be better looking at, perhaps that would require a lower amount of capital to get started with? Or looking at the problem from the other direction, a lender that is prepared to lend above the usual 75%? Any and all thoughts would be greatly appreciated. Andrew.
About to sell house in order to invest
Paula Bromwich posted a topic in Introduce yourselfHi everyone. Living in Leicestershire. Been listening to podcast for 6 months now. It's changed my view on flipping - which is what I've been effectively doing without thinking deliberately about it. Moved 4 times in 6 years now! Realised how much money is to be made...but we're tired of living in the same house we're flipping all the time! Paid a visit to RMP in London for a tete-a-tete with Paul and I've started to get my head round investing. Our house goes on the market at the end of the month and we are in a quandary about our next move... Will come out of it with about £110k. What do you think?