I've had an offer of £87,000 accepted on a property that, once it's had a light refurb, should be valued at £120,000. Following the mortgage valuation the mortgage company have come back to me and said they are holding a full retention until the kitchen and bathroom have been replaced, but they really aren't that bad. I've seen much worse and had mortgages for...
I have found a high street property with great fundamentals and a very healthy rental yield.
It is in a very impressive listed (grade 2) building with 10 flats. On the ground floor are two commercial properties - a Sainsbury’s local and a major bank.
The flat I am looking at is on the third floor of this building with windows facing onto the...
I am aiming to buy a freehold BTL property that has three separate flats. I am unable to find a mortgage provider who will give a mortgage on this type of property. I was advised that I must have three separate leases in order to get a mortgage.
How can I get a mortgage on this property?
It’s no surprise that you are having trouble finding a...
The lender I’m with has revised their lending criteria to exclude the mortgage I have had with them and I’ve reached the end of term and need to remortgage.
The property is a studio flat with 63 years lease remaining, value £65k with 40k outstanding, but it is less than 30sq m.
What do you recommend?
You have two problems..
I am pretty new to this, I have found a few BMV properties, one is a 3-bed semi property that will sell for maybe £65k, needs a full refurb, market value on the street is approximately £145k. I don’t have much in the way of funds to put into this, what would the best option be?
The generic answer to your question would be delayed completion...
Do you know any lenders who are willing to lend straight away? I’ve been trying to purchase a second property and they all say I have to wait six months before I can take out a BTL mortgage.
If you have bought a property for cash and are now seeking a mortgage to recycle your cash into your next deal, almost every BTL lender will impose a 6 month ownership...
How can I purchase a property, refurb and refinance to extract most of my money WITHIN 6 months please? I can buy cash if that helps to start with.
Almost every BTL lender uses a 6 month ownership restriction specifically designed to stop you from doing what you want to do, as they view it as increasing their security risk. They feel safe when they have your cash, or at...
HMOs are a typical point where a clash of opinions occurs.
HMOs get valued as commercial properties, but HMOs converted from what was an ordinary residential property, rather than a commercial to residential conversion such as a pub or offices are NOT a commercial property, but a residential property temporarily being used for a commercial purpose.
These are the main differences between actual...
I'm currently looking at purchasing a house for £70k and I have funds to purchase outright with no mortgage. I have a potential tenant ready to rent at £550 pcm returning approximately 9%
My credit rating means I can't place a deposit and get a buy-to-let mortgage, hence buying outright. I’d like to take £60k out of the £70k paid back out for future...
I’m looking to refinance a property as soon as possible to release cash tied up.
Similar properties on the same street sell for £95k and I purchased mine at £75k and spent about £5-6k on the refurbishment (painting throughout, new carpets, new kitchen units, new electrical wiring, new toilet and basin).
However, I’ve just heard no one took the...