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Protected tenants - a no-go area?

THE QUESTION

Is purchasing a building with a protected tenant a good idea?

THE ANSWER

That depends on your vision of the future.  If you’re in it for the long haul then maybe, but if you’re looking at it as a business decision you need to know the facts.

Regulated Tenancies pre-date ASTs (Assured Shorthold Tenancies) as the rental contract used between landlord and tenant. 1st...

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Is this really a good deal?

THE QUESTION

I have seen a 20-30% BMV opportunity that is nearby and being sold at auction. What is the best and quickest way to purchase the property and ensure that, when I either flip the property or re-finance, it’s re-financed at the market value? The property is in good order and does not need any refurbing.
Do I need to keep the property for a certain amount of time before the...

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When Two Kitchens Makes The Property Unmortgageable

THE QUESTION
Can I get a BTL mortgage on a house that’s got a small kitchen, one upstairs and one downstairs? It wasn’t converted into two recognised flats, its only where husband and wife wanted to have two separate living areas in the house.
THE ANSWER
With pretty much any standard BTL lender the answer is ‘No’, and there’s a very simple reason for this.
Typically...

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Can I use a BTL mortgage for BRR?

THE QUESTION

I’m starting out in property and I was wondering, is there any way of using a BTL mortgage to do the BRRR strategy? I know the correct way would be using cash or a bridge, but I was hoping there could be another way? I would appreciate any help/advice cheers.

THE ANSWER

When you say the correct way is to use cash or bridging, then you know that BTL lenders won’t lend if...

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Improve the property, improve the valuation

THE QUESTION

There’s a house I have seen, it’s a three-bed house on a street that consists of just three-bed houses all around the £92k mark

Except there is one house on the street that’s had a really good loft conversion that’s added 2 bedrooms and another bathroom and it sold a few months ago for £165k

If I buy a house on this street and do a conversion to...

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‘Property is for mugs’

Anyone who isn’t familiar with property investment will tell you that it’s the quickest way to lose your money or to get stress overload.  However, that doesn’t explain why so many people are serious property investors.

The tax regulations for landlords and investors have changed over the past few years and it’s important to abide by the rules to protect your...

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One house, many homes

THE QUESTION

I have seen several large houses for sale in auctions that have been split into self-contained flats; it seems quite common.

The house is on one title the agents describe it as a ‘large house currently being used as flats’.  But there doesn’t seem to be any planning permission for use in this way or building regs for extra kitchens and bathrooms.

I...

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Unmortgageable? Disaster or deal?

When a property is unmortgageable that rules out everyone who hasn’t got a big wad of cash to buy it outright.  In any case, who would buy an unmortgageable property? Doesn’t that mean it’s a lemon?

No, unmortgageable properties can have substantial profits locked inside the front door!

The problem is that mortgage lenders are conservative and keenly focused on only...

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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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Mortgages with No Early Redemption Penalty are dangerous

People say that a low-cost way to get your cash back out of a property purchase is to use the small group of Buy-to-Let lenders who offer mortgages that have no redemption penalty to finance the purchase.

After you have owned the property for six months, redeem that mortgage and get a new mortgage with a different lender.  If the property can be valued at this point at more than the...

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