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First strategy...Do I bite the bullet?
chapman_james333 posted a topic in Strategy Specific AdviceHi all, My brothers and I have been very fortunate to inherit a small cluster of properties from our late Grandfather. They are all owned out right and one is currently up for sale as we are looking to gain capital to invest and build our portfolio in other areas. My initial strategy idea is to use the capital from the house sale to purchase two B2L properties on a small repayment mortgage. Mainly to get ourselves set up and running on our own and invest our Grandfathers hard work into something we can then pass down later in our families lives. The second part is to potentially re-mortgage 2 of the remaining properties to open up capital to again invest to build the portfolio. My main concern is biting the bullet. Is it worthwhile to re-mortgage the properties owned outright to open capital? Or is it worth hanging fire and only building the capital via the rental income we gain from then each year (which has taken a huge hit due to refurbs and repairs so will cost us a few years in rebuilding capital). I expect hanging fire will mean we wait for 3 years to purchase another property. All 3 of us work full time but would really like to make a property business out of our inheritance and have always been really interested in property but never had the investment until now to really get ourselves going. Any advice would be amazing. Thank you all in advance,
jade-s posted a topic in General property discussionHello everybody, I'm Jade and I am looking to buy the property that I currently live in with my parents as the only name on the mortgage given that my parents are both unemployed. I am currently a university student in my final year and work 22.5 hours part-time at the moment (annual income 18,500). My dad owns a property that we would sell to finance the sale of the property we want to buy that is valued at 135000 and we have a sum of 40000 savings. I want to apply for a mortgage of around 25000 given that the house we want to buy is estimated at approximately 200000. My parents have no experience or knowledge in buying or selling property and the situation that I find myself in is one that I have very little understanding of. Can anybody offer any help, support or guidance on this? Is my mortgage application likely to be declined or approved? How likely is it that I can buy the property? Many thanks in advance, Jade-S.