What happens if you don't complete on time when buying at auction?
When you bid for a property and your bid is accepted you have made a commitment to purchase; to all intents and purposes the property has been sold to you and you will have to pay a 10% deposit at the point of sale. If you fail to complete by deadline date, the vendors solicitor will give you...
I want to get into building a brand new property, what type of finance is needed for this and how does it work?
New build projects require development finance and this is structured in a specific way. Pre-credit crunch this was freely available from the major banks, but they pulled out when the credit crunch hit, with disastrous consequences for many of their...
Can I remortgage a property immediately after cash purchase?
With regard to how and when you can remortgage, the method of purchase is irrelevant; buying with cash doesn't make any difference to the property's mortgageability. What is relevant is the lender's attitude to remortgaging a property recently bought.
Almost every BTL lender has a six month...
I have found a property I want to get a buy to let mortgage for, but I have a bad credit rating. The house also has no kitchen, are there any lenders that would be able to provide a mortgage for this?
Take a reality check on this one, you have zero chance of getting a mortgage on this property as a means of buying it.
Leaving aside your credit history, a...
I am considering the use of a bridging loan and would like to know:
There are a number of bridging lenders and the criteria vary from lender to lender depending on your particular circumstances and the...
Another interesting question from one of my investors:
I'm viewing a house which has been split into two flats. I believe that the title has not been split. What are the rules for lending on a property like this? I am guessing I won't be able to use a standard BTL mortgage? Anything else I should be wary of for a property converted into two flats?
The first rule on any property...
This is a little different to the usual questions I get asked, but quite interesting to consider. The windfall could come from a number of sources - an inheritance, some good property deals or - as this questioner suggests winning it!
If you won £500,000, how would you invest it to maximise your monthly cash flow?
The answer you would normally get from...
I am currently going through a remortgage on one of my properties to release some equity to buy two further properties.
I have a good idea that I have valued the house right myself from the research I have done and as such I have submitted this number to the mortgage provider.
Should I have got a professional valuation first to avoid the risk that the valuation comes in...
I am in the very early stages of researching the potential purchase of a commercial property with a view to converting it to a residential property. I'm struggling to find a great deal online that is useful about this. I have put out some feelers with some folk I know and thought it would be worth asking you!
Are you using property in the singular, or do you really mean plural? For...
I'm finishing up a refurb in sunny Coventry. The valuer is going round in about week, any tips to get the maximum value? And has anyone used a home staging company to dress a house & was it worth it?
This is my recommended step-by-step approach: