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Building My Portfolio
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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)
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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.
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by dipHi,
Is it possible to buy a Buy To Let property for my niece?
My situation - I am a UK citizen and reside in the UK and pay all my taxes in the UK. I want to buy a property for my niece but she is a non-resident in the UK. We do not require to take a mortgage as I would be...-
Channel: Finance & Investment Questions
10-01-2021, 17:33 PM -
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by loanarrangerThe following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.
"Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...-
Channel: Finance & Investment Questions
23-12-2015, 19:43 PM -
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Reply to Mortgage Newsby loanarrangerNationwide are due to increase the maximum mortgage term to 40 years for lending at 90% LtV.
With affordability under pressure for 1st time buyers the extension to 40 years will give positive assistance.-
Channel: Finance & Investment Questions
20-01-2021, 23:11 PM -
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by loanarrangerEvidence of personal savings is not an integral part of the loan assessment process but as you correctly assumed it does indicate that the borrower does indeed have a safety buffer should the portfolio experience extended voids. A number of lenders experienced in portfolio lending do ask in the business...
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Channel: Finance & Investment Questions
19-01-2021, 10:56 AM -
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Hi All
Two questions:
Affordability Checks (Remortgage)
When remortgaging BTLs, to what extent do savings contribute to a positive outcome with affordability checks, or do lenders not factor them in at all? Say you're in full-time secure employment, have a residential...-
Channel: Finance & Investment Questions
18-01-2021, 01:43 AM -
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Thanks. So in theory, if I have £100k, £50k or £5k in the bank, this makes no odds to the lender in their calculation? This is good news for me when I decide to invest my savings later this year. In my naivety, I thought savings would count as a positive as it shows you have a cushion e.g. should...
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Channel: Finance & Investment Questions
18-01-2021, 23:49 PM -
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by loanarrangerAs a Portfolio Investor there are only two main criteria on which a lender will base a loan assessment:-
1) Minimum Earned Primary Income , each lender has a minimum base salary requirement.
2) Is the rental adequate to meet the loan requirement based on the stress rate , which can vary...-
Channel: Finance & Investment Questions
18-01-2021, 22:22 PM -
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by jpucng62I have several mortgaged BTLs and some owned outright. The numbers have not been a problem to date with mortgages although I have to use different providers as often a mortgage holder will only allow a certain number of properties from one LL. eg I think Birmingham Midshires only allow you 3 mortgages...
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Channel: Finance & Investment Questions
18-01-2021, 12:36 PM -
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Thanks. I reckon the LTV will be in the region of 65-70% depending on valuation at the point of remortgage. Given I've just started toying with the idea, I reckon you're right. Hang fire until remortgage complete then look to purchase thereafter....
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Channel: Finance & Investment Questions
18-01-2021, 10:52 AM -
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by Gordon999If you have 4 or more mortgage properties, you are classed as a BTL portfolio investor and may be subject to assessment under portfolio rules. It should not affect you if you are limiting yourself to 3 mortgaged properties.
https://www.mortgagesforbusiness.co....nsight/2018/ma...-
Channel: Finance & Investment Questions
18-01-2021, 06:20 AM -
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