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How equity is calculated to raise finance

buy to let Apr 09, 2021

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...

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Finance for a Buy-to-Let deposit

buy to let Mar 10, 2021

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:

...

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How to fast track your BTL portfolio

buy to let Feb 10, 2021

 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...

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Getting Off The Starting Blocks in Property Investment

buy to let Nov 10, 2020

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...

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Limited Company mortgages and personal guarantees

buy to let Oct 10, 2020

THE QUESTION

Are there lenders who do not require a personal guarantee on limited company mortgages?

THE ANSWER

Look at it from the lenders point of view.  You, as the shareholder and the owner of your company, can decide to shut your company down overnight.  There is nothing the lender can do to stop you.  That potentially weakens their security.  If you stop making the...

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Faster, faster

buy to let Jun 20, 2019

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...

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Flats in concrete high-rise blocks

buy to let Feb 20, 2019

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...

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How does the six-month rule work?

THE QUESTION

If I purchase a property at auction with cash or bridging finance, does that mean I don’t have to wait six months before refinancing?  I’ve heard that there’s a ‘6-month rule’ that requires me to wait for that period of time.

Also can I refinance at the full market value?

Are there any work-arounds to this?

THE ANSWER

Some lenders choose to apply...

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New to property investment

buy to let ninja learning Aug 31, 2018

Question:  

I'm new to purchasing property for investment, I've only ever bought property to live in and, while I've managed to negotiate a small discount here and there, I've never pushed things too hard as I've always really wanted to buy the place (so an emotional rather than subjective mindset).

Now that I'm looking at property as an investment I'm understanding more and more that...

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Is it better to buy-to-let or buy, do up and sell?

THE ANSWER

Neither is better, they're just different strategies.

Buying to sell (BTS) gives you a significant cash lump sum (if you do it right) within months.

Buy-to-Let (BTL) gives you a much smaller monthly profit (if you do it right) for years to come, with the bonus of potential capital growth (depending on where you buy).

  • Some people focus on BTS because their current circumstances mean...
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