Building My Portfolio

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  • MarcusAlex
    started a topic Building My Portfolio

    Building My Portfolio

    Hi - new member to the forum hoping for some help.

    Currently have 1 property in Sheffield that i got for a bargain (was on at £85k eventually bought for £43k - made my bid, rejected - left it open on the table and a few months later got a call asking if i wanted it still)

    I have had the property a few years, being young i didnt save very well after that and 'lived the life' for a bit - bought a car, clothes etc

    I am looking for some advice on whether i should remortgage to fund another deposit - currently on a residential mortgage as i lived in the property for 6 months then decided to rent it out to build a portfolio but i have a consent to let through Natwest.

    I wondered what peoples experiences where with lending more money/releasing equity in there properties.

    I have seen another property in the student area that i am looking to capitalise on and hopefully get a decent return on it and build from there turning it into a full time business.

    Thanks in advance.

  • john deere guy
    replied
    loanarranger,

    Solid advice

    Leave a comment:


  • loanarranger
    replied
    MarcusAlex

    First question , where are you presently living if you are presently renting our your main residence albeit with Consent to Let by Nat West. I ask this as not all lenders consider individuals who do not own and live in their main residence so the selection could be limited.

    Assuming the first can be satisfied I would seriously suggest using the Free Equity in the property to fund the deposit on the new purchase, however you might find that Nat West will insist that your mortgage be converted to a conventional Buy to Let and pay a commercial rate in order to obtain additional funding , should this be the case then a good broker can research the market and provide funding solutions for the primary refinance and what is available to purchase a student let (remember not all lenders are keen on this type of renting and conditions may apply)

    Leave a comment:

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    GaryE
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