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Firstly I would like to say as a newbie to the property hub I am blown away by how much material there is available on here. Ive steadily been working my way through the podcasts and forum chat from the beginning of this year and already picked up a fountain of knowledge. Thanks guys!

Im at the point now where myself and my partner have an okay deposit of 30k.  An investment area in mind followings Robs 10 step process and spreadsheets completed for ROI for our preferable first investment as a BTS.

Ideally the type of property we would like to buy is a 3 bed semi that needs modernising then selling if possible within 6months if permitted ( is this allowed on a resi mortgage?) or just after. Hopefully our circumstances enable acceptance for a mortgage.  My Partner will be applying for the mortgage, works full time and has a permanent contract, although she is now on a furlough part time setup ( im not sure how this effects mortgages?) 

We have not as yet spoken to any mortgage advisors, brokers about our circumstances and aims and would kindly ask if anyone has any recommendations or advice which would be greatly appreciated.

Keep up the good work everyone and look forward to hearing from you.

Many thanks

Matthew

 

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On 2/5/2021 at 1:10 PM, Matthew Hill said:

Firstly I would like to say as a newbie to the property hub I am blown away by how much material there is available on here. Ive steadily been working my way through the podcasts and forum chat from the beginning of this year and already picked up a fountain of knowledge. Thanks guys!

Im at the point now where myself and my partner have an okay deposit of 30k.  An investment area in mind followings Robs 10 step process and spreadsheets completed for ROI for our preferable first investment as a BTS.

Ideally the type of property we would like to buy is a 3 bed semi that needs modernising then selling if possible within 6months if permitted ( is this allowed on a resi mortgage?) or just after. Hopefully our circumstances enable acceptance for a mortgage.  My Partner will be applying for the mortgage, works full time and has a permanent contract, although she is now on a furlough part time setup ( im not sure how this effects mortgages?) 

We have not as yet spoken to any mortgage advisors, brokers about our circumstances and aims and would kindly ask if anyone has any recommendations or advice which would be greatly appreciated.

Keep up the good work everyone and look forward to hearing from you.

Many thanks

Matthew

 

Hi Matthew

As a Mortgage Broker I would have quite a few questions to ask :-

Is your Partner a first time buyer ?

Will the property be your Partners principal place of residence ?

How much 'modernising' are you referring to ? Be aware of possible lender retentions

You can sell a Resi property after 6 months but be aware of any possible lender penalties

If the furlough part time set up has impacted your Partners income this will have an effect on ability to lend

There are obviously a lot more questions I would need to ask but hope this has been helpful

Kind regards

Mark

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Hi Mark

Thanks for replying to my post and many thanks to answering some of my questions.

Yes my partner is a first time buyer. The plan is to live with family whilst refurbing the property so wont necessarily be her principal place of residence. Will we therefore have to pay CGT or does this only apply on 2nd properties?

In terms of modernising. It will be habitable with no serious structural work, ideally no damp etc. Although a full refurb needed in terms of re wire, new kitchen, bathroom, plastering, possible installation of central heating, double glazing etc.  

The longest we would want to hold the property is 6months, with a resi mortgage although I hear conflicting advice all the time on it not being a legal requirement to hold it for this length but a guidline. What kind of figure are we talking about if a penalty is to be paid?

The furlough part time will affect her pay but she will still be over the minimum threshold required to qualify for a mortgage 

Any further help would be greatly appreciated 

Kind Regards

Matthew

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