THE QUESTION

I am looking to buy a decently priced (BMV) house which also has a value add opportunity to convert the loft to raise the value a bit more. My mortgage advisor says I cannot get a BTL mortgage until I've owned the property for 6 months, but I'm hoping to purchase it in August-September via bridging, get the loft converted in October, and be ready to refinance at the highest value...

THE QUESTION

I’ve had an offer on a flat/bedsit accepted. The estate agents floor plan shows the total floor space as 26.8m².  Will this be a problem when I apply for a BTL mortgage? Am I right in thinking lenders have a minimum 30m² minimum figure?

The other option is to decorate throughout and sell it on.  Are residential mortgages easier to acquire on flats this size making...

THE QUESTION

I’m in the market for a buy-to-let (BTL) mortgage, should I use a free mortgage broker (who gets commission from the lender only), or a broker that charges a fee?

THE ANSWER

If you take a balanced view, whether a broker chooses to charge a fee or not is not the main decisive factor in whether they are any good or not. The decision to charge a fee, or not to, will be driven by...

THE QUESTION

I have a BTL property that is worth £325k and has a mortgage of £227k. I was recently trying to raise finance to purchase another property and wanted to see if I could release some equity from this BTL to raise the equity.  

My lender asked me how much rent I charge (£1150 pcm) and said I wasn’t able to get any equity.  I asked how much the rent...

THE QUESTION

Can you use a business bank loan as mortgage deposit on a BTL purchase?

THE ANSWER

It’s a simple question that invokes a less than simple answer. The key issue is transparency between borrower and lender. If you engage in any type of misrepresentation of the true source of the deposit and you will stray into the area of mortgage fraud. This can be defined as follows:

...

 THE QUESTION

My husband and I own our own property and now we would like to purchase a buy to let property in the area we live.  We would like to purchase more properties in future, maybe between 5-10. 

Is there a way to fund your next property using the first one you’ve purchased or is it best to wait until you have the deposit for a second? 

THE ANSWER

You face the...

THE QUESTION

I've had three very different opinions from three brokers on a First-Time-Buyer-First-Time-Landlord BTL mortgage.  I've got JV experience (through a Ltd Company), I don't have a mortgaged property (I rent at present), I’m recently divorced and have a smallish cash pot.

I can't afford to buy where I live, but this is where my kids go to school, so I want to stay...

Property investment takes time. 

If you put down a 25% deposit and get a buy-to-let mortgage for the rest that’s the first step.  Then you probably need to do some work on the property to improve it and wait until you’ve owned it for six months.  Only then can you apply to refinance it with a different lender and get a proportion of your money back out.

What’s...

THE QUESTION

Has anyone managed to get a mortgage on an ex- local council concrete-built block?   I own a flat in one of these in London and I managed to get a mortgage when first purchased, but I am now struggling to remortgage it. 

THE ANSWER

Historically, lenders have had issues with lending on high rise ex-council concrete blocks.  It is less about which floor the actual...