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BTL or Commercial mortgage?

THE QUESTION

I'm looking at a HMO for my next project but would like to put this one into a new limited company. How easy\difficult is to get a mortgage on a limited company without any trading history

What are the perils and pitfalls of using brand new limited companies for lending? Is it possible?

THE ANSWER

Mainstream BTL lenders do not lend to limited companies or SPVs regardless...

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How to increase your property investment faster

strategic planning Nov 21, 2016

THE QUESTION

In various interviews and strategies there is a fairly heavy reliance on buying BMV and recycling your cash quickly to multiply your portfolio and increase cash flow. This doesn't only seem to be theory, but what lots of investors are actually doing.

How is this achieved? Are people buying with cash and then able to get a BTL mortgage as soon as they like? 

I guess another...

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HMO or B&B?

Updated HMOs information here

THE QUESTION

I got an HMO which meets full HMO regulations. I'm thinking of making it into a B&B which will certainly generate more income.

I'm going to remortgage ASAP. How do I prove the income as a B&B? Do I need to wait for one year?

THE ANSWER

If you are looking to remortgage, commercial lenders will view an HMO and a B&B completely...

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Get a good valuation

strategic planning Nov 11, 2016

THE QUESTION
Any tips on getting the highest valuation for a property you want to mortgage?

THE ANSWER

It helps to know that any surveyor's mindset when asked to value a property purchased a few months previously will be to value it at the purchase price paid, unless given compelling reasons not to.

When they arrive at the property they will be focused on the purchase price paid; your success in...

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Commercial loan v. BTL mortgage

THE QUESTION

What the difference is between a commercial loan and a regular BTL mortgage is and what are the pros and cons?

THE ANSWER

BTL mortgages are usually where you start, commercial mortgages are usually where you end up. If you are just starting BTL lenders are your natural choice. Generically, the differences are as below.

BTL lenders have many tick box criteria, commercial have many...

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New property, good tenants – but no AST

buy to let Oct 20, 2016

THE QUESTION

I've purchased a property (exchanged contracts already) that is currently let to a charity.

The charity, as I understand it, then put young adults who have recently come out of care into the property (either on a sublet or license I'm not sure at this stage).  It’s on a corporate tenancy agreement (i.e. just a common law tenancy not an AST).

Are there any lenders that...

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‘My cash is stuck in two BTL properties’

buy to let Oct 10, 2016

THE QUESTION

I own two properties outright – both have tenants and yield 9.5% of their £85K (each) value. I've owned them for four months they have been let for two months. I have no proof of income as I've just started doing this full time. Can I BTL remortgage these at a competitive rate anywhere, or do I need to wait six months and go through TMW?

THE ANSWER

The wider issue here...

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Can I give a sitting tenant notice?

buy to let Sep 29, 2016

I am looking to buy a house to multi-let, but the house I've identified comes with an elderly long-term tenant on a long term contract. Can I serve notice for the tenant to leave or does a long term tenancy come with regulations to stop me doing this?

THE ANSWER

This sounds like a pre-1988 Regulated Tenancy. If it is, that is a lifetime tenancy, with possibly the right to pass the same...

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Should I lock my money up or borrow to buy my next property?

bridging finance Sep 19, 2016

THE QUESTION

I have seen a great property I want to buy but I cannot decide if I should buy it for cash then refinance it once it is refurbed, or borrow to purchase it. I have the cash to buy outright, but I am worried that, by tying up all my cash in a property I will not be able to buy another property during the period I am waiting to remortgage it, if I found a really good one.

THE ANSWER

...

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No proof of income - how do I buy more properties?

THE QUESTION
I own outright two properties, which are rented out; both are worth £85K and both yield 9.5%. I've owned them for four months they have been let for two months. I have no proof of income as I've just started doing this full time. Can I get a BTL mortgage for these properties at a competitive rate anywhere, or do I need to wait six months and go through TMW?

THE ANSWER
The wider...

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