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Found 15 results

  1. Hi I’ve been reading up about mortgage brokers, how some specialise in residential mortgages and others in buy-to-let, and how you should choose the right broker depending on what kind of mortgage you want to take out. I’m looking at remortgaging my residential property so that I can get a buy-to-let. I don’t know whether to go with a residential mortgage broker or one who specialises in buy-to-let. The process involves 2 mortgages (my residential and my eventual buy-to-let). Any suggestions?
  2. Hi, Wondering if anyone here has had a similar experience or can help. We purchased a newly converted flat in Leeds a couple of years ago and at the time got a mortgage on it fine without any issues. As we have come to re-mortgage time, we just received an rejection from The Mortgage Works as the surveyor noted the following: "The property lies adjacent commercial premises(mainly low value storage/warehousing and light industrial/manufacturing) on all sides , in an area which does not have a "residential feel". Vehicular access is gained solely via a "commercial "area. The property is not acceptable in accordance with the Lenders guidance." The flat has been rented to young professionals with no down time in the two years since completion so no issues with demand. The flat is a converted office block so the area is fairly industrial/commercial but there is redevelopment going on (part of the reason we bought it) with a brand new hotel on the same road and a brand new block of converted houses/flats directly opposite. Our existing broker has spoken to a few lenders that have similar lenders guidance so said it's potentially risky as they will charge a valuation fee and we might not meet the criteria so would lose on the fees. Our existing lender doesn't have any product transfer options so we would have to apply for a new mortgage. We are currently investigating this option but just wondered if anyone has experience in this area and might know a broker that could help or a lender that could be suitable? Thanks!! Sam
  3. Hi all. I'm looking for a bit of advice as I'm in a bit of a frustrating position with a remortgage I'm currently going through and it's costing me money the longer it goes on. I listen to the podcast religiously and know there is a great community here so really hoping to get some advice if anyone can provide any. I've outlined my predicament below. I own a flat in Hinckley, Leicestershire which I rent out. The building is three stories high, and my flat is on the top floor. I've been trying to get the flat remortgaged recently but the lenders are asking for an EWS1 form to confirm the cladding on the building isn't flammable. On the RICS website it states that these forms only really apply to apartment blocks over 18m, or six stories, in height, or with balconies. Mine doesn't sit within these guidelines but having pointed this out to the lender and showing that it is clad in brick, they are still requesting the form. I have been trying to get this EWS1 form from the management company, Warwick Estates, but it is taking a long time. I've been emailing them for well over a month as they are currently not taking calls due to reduced staff as a result of Covid-19, and a Property Assistance has been speaking with their risk assessment department, who have said they are starting to look at quotes to get the surveys done, but they can't confirm a timeline. I've asked for a direct line to someone in the risk assessment department, or someone higher up their, but I doubt I will get this as their communications are abysmal. The really frustrating thing is my other mortgage is now outside of its fixed rate terms so I am paying a lot more per month for that mortgage whilst this gets sorted. Rent is coming in, which I am very grateful for at this time, but the profit is taking a serious dent. I've looked into getting a survey done myself but have had a quote back of around £2000, which I'd rather not pay as it's not my responsibility to do so, it's the management companies. I was wondering if anyone has been through this situation at all and can provide any advice? Do I go to one of the governing bodies and put a complaint in about Warwick Estates? Or is there something else I can do? I fear this could go on for months and months. Thanks in advance for anyone that can impart any information. Cheers, Joe
  4. Hey Fellow Hubbers! So my property in Sheffield is coming up for remortgage now and I am trying to decide whether a 2yr or 5yr is best. This is my first property and the first remortgage, so just interested in what people normally do. I know it depends on your goals, and for me, it’s maximise cashflow and pull out as much equity as possible to reinvest. I do like the idea of knowing what I will pay for the next 5 years but as I am only at the beginning of my property journey feel I need to be a bit more aggressive and recycle my deposit to get that snowballing rolling. So my thoughts are that rates will not go up too much over the next 2 years (according to economists but who knows with Brexit yawn), so I could do a 2 year and then a 5 year to lock in a lowish rate. I could also potentially just take a 5 year and then get a further advance or second charge mortgage to run alongside it if there is substantial equity. The 2 year would improve my monthly cash flow by about £30. The other thing is those pesky arrangement fees, sure they give you better cash flow the higher they are but your mortgage ends up getting bigger and bigger, what are your thoughts on this? I know that it may look cheaper paying the arrangement fee, but you will be paying interest on that fee for the life of the mortgage right! Any advice would be greatly appreciated! If you need any other info to give me a better answer, please ask  Cheers, Alex
  5. Hi everyone - can anyone advise on the tax implications of this scenario: I have equity in my main residence which I'd like to remortgage and lend the finance to an SPV ltd company to buy BTL flats. I'm a higher rate tax payer so buying in a ltd co. definitely makes more sense for me. I know if I bought the BTLs in my personal name then I could deduct part of the interest payments prior to tax. Is there any tax efficient way to claim interest relief if the mortgage is taken out personally but used to buy properties within a limited company? If I charge my company interest on the loan, I will get the corporation tax relief but then have to pay 40% tax on the payments via my personal tax return which makes no sense. I'd be better off charging zero interest if this were the case. If there's no way round this, does it make more sense to take out a ltd co BTL mortgage with higher rates so at least I can claim the interest repayments as an expense? Realise I'll have to do some number crunching but wanted to get the principles straight in my head first. Thanks in advance!
  6. We remortgaged our home a few years ago and I seem to recall that we were expected by the new lender to give a reason why. As their interest rate was much lower than our existing one at that time then the reason was pretty obvious. But am I required to give a reason for remortgaging? If so, what if I change my mind after receiving the excess funds (if any) and use the money for something else? The reason for asking is because I'm interested in remortgaging to raise a deposit for a BTL property. Would a lender take a negative view of this? What if I said I was using the money to, say, do some home improvements, but then used it for a BTL property deposit instead, without informing the lender? Could they take some kind of action against me? Obviously I'd much rather be up front about I would be using the funds for. Any advice appreciated. Thanks, Roger
  7. 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
  8. Hello property hub, many thanks for all the great advice on here. Such a wealth of knowledge, I really appreciate it. Just a quick question, we are looking to refinance on our current residential property and have been told we can take out £40k in equity. We are living in Dulwich in SE London at the moment, with a 2 bed first floor split level flat. Would it be best to invest the £40k in a buy to let in the north or use the planing permission we have on our current property to add and third bedroom and bathroom to increase the value of our residential property which can then be used for a buy to let when we sell or refinance in 2 years following? Many thanks for all the help. Jez
  9. Hello all, This is my first post on the forum but have done plenty of reading on here so I know how good the feedback is and value anyone's contribution to what I need advice one. I am a first time landlord who has been renting out a property since last November. The property is actually one I used to live in but when I moved to Manchester for a job I decided to get permission to let it out. This was always part of the plan but it happened a little sooner than anticipated as the Manchester job came out of the blue. In September I can re-mortgage the property and I look to release any equity and switch to an interest only mortgage. It is this re-mortgaging process that I could really do with some advice on and I'm taking into consideration the following points: I would like to tie the property into a LTD company as this is the first in a collection of properties. Is it better for me to re-mortgage before setting up the company and putting the flat into the company? If I put the property into a company first, does that mean I would have to look for different mortgage packages for business'? If so, is this the best way as I know new companies may struggle in getting mortgages due to lack of financial history information. Or do I look to re-mortgage whilst outside of a company and then set up the company? If I take this route, would it have to be a Buy To Let mortgage or could I take out a regular mortgage and get consent to let again? NOTE: My solicitor let me know that as this is my first property it is simpler to transfer to a company and won't require taxes that would be otherwise paid. With this mind I'm leaning more towards sorting out the mortgage side of things before transferring the property into a company. Any help on this matter would be greatly appreciated. Many thanks Joe
  10. Hi all, My husband and I are looking to remortgage at the end of June when our two-year fixed term runs out. We also want to take equity out of the house (roughly £40k) to buy our first buy to let property. Is it better (i.e cheaper and easier) to take out the equity at the same time of remortgaging or to do it later? Does the timing make a difference in how much we'll have to pay back? Your thoughts appreciated. Thanks
  11. Hi all This is my first Hub post and many thanks for taking the time to read it. I live in Kent and have let my former flat in Crystal Palace since 2014. It's now re-mortgage time and I am considering the next step in property investment. You may recognise the topic title from a property webinar prepared by Rob B which I would strongly recommend if you have not seen it. The gist of it is how to build a portfolio that in time can provide an income through periodic refinancing. It has lots of pro's as a strategy and is my preferred one subject to clearing up the query below. My question arising from it is: how can you refinance your portfolio (however much equity is in it) for the purposes of paying yourself an income given that (in my v ltd experience) lenders only allow lending for narrow purposes especially buying more property/renovating but not for funding the borrower's lifestyle? Any thoughts very gratefully received. Tom
  12. If I was to own a property as tenants in common with friends of family. Would I be able to remortgage/equity release my share of the property (assuming equity not an issue) independent from the other co-owners? thanks in advance for any info.
  13. Ok so I was listening to a podcast and there was a touch upon something I don't fully understand and I'm hoping somebody can clarify this for me. The subject is remortgaging or refinancing and if it is always a good idea because if I would like to release some equity I would then have to borrow more which means more monthly payments right? so what if this puts me in a situation where my borrowing is so much that the profit I earn from the house I have remortgaged is basically non-existent? Do I still do it because it will iron itself out eventually or do I have to find another way to raise the funds for a second, third, forth place... Thanks for your help!
  14. Hi all, So have have been listening to TPP since joining this forum, currently up to TPP043 since late May, so averaging around 10 per week Since listening, I have had a full change of mindset around my financial life (with Rob and Rob with added assistance of Pete Matthew - meaningful money), I think you very much for this! Working off a clear monthly budget and paying myself first! I currently have a large amount of money locked away in my main residential repayment mortgage and my property in the last 2 years has increased in value by around 10%, I'm looking to take some money out when I remortgage and switch to an interest only mortgage at the same time, with a view to purchasing properties over the next few years that will fully cover the cost of our main residential mortgage (that's what I think is one of my first SMART goals. Later possibly doing "A Rob Dix" and moving out of my residential owned property, turning that into a buy-to-let and moving around via rental properties myself while hitting some more of my life goals. I'm interested to hear if others have gone this same route and your thoughts on this.
  15. Hello All, Quick bit of background: I am moving out of London (with, it seems, the rest of London) down to Brighton. We feel we have made a fair amount of money on our 2 bed flat, and would like to release equity to fund a deposit on a new property, plus, if we can, a further BTL. I have a mortgage advisor and he is setting me up on a 75% interest only BTL mortgage based on quite a high (but not ridiculous) valuation, and is sending the surveyor round asap. So, my question is as follows: How do I make sure the surveyor comes round and values the property at what I would love it to be valued at? I have no experience of this and don't know the procedure at all.... I'm guessing that it needs to be really presentable, but do you recommend I get the scented candles out? Or perhaps prepare a light avocado salad for us both to enjoy? Any help would be greatly appreciated. Charlie
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