Building My Portfolio

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  • 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:


  • 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.

Latest Activity

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  • Reply to Mortgage News
    by loanarranger
    The FCA has confirmed that the current ban on lender repossessions of homes will be continued to 31st of October 2020.

    The regulator says this will "ensure people are able to comply with the government’s policy to self-isolate if they need to".

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  • Mortgage News
    by loanarranger
    The 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.

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  • Reply to The beginning
    by jpkeates
    Some people are always forced to sell (the three D's, death, debt and divorce are traditional estate agent's friends).
    But I think most people simply won't do anything - buy or sell
    There's been a plague, people are worried about a recession (and the future of their jobs) and we hard Brexit...
    02-06-2020, 16:32 PM
  • The beginning
    by JoshyT
    How will landlords on here react to houseprice declines and renters with lower disposable incomes?

    What strategies do you have in place?

    Are there any landlords to be waiting to pick up some bargains in the short to medium term?

    https://www.thisismoney.co.uk/m...
    01-06-2020, 12:12 PM
  • Reply to The beginning
    by Kape65
    Unfortunately for the housing market it often talks itself into a slide. Buyers who may be already wary are going to consider delaying their purchase now in case of a drop, hoping to bag a bargain. Anybody that HAS to sell may well be forced into accepting lower prices which then re-sets ceiling prices....
    02-06-2020, 15:41 PM
  • Reply to The beginning
    by hech123
    Wow I am amazed people are forecasting massive falls in house prices. I actually had to read the article to believe it. It just goes to show how thick most of these so called experts are. I mean you have to be some kind of thick to believe that there is going to be some kind of huge sell off when...
    02-06-2020, 14:18 PM
  • Reply to The beginning
    by doobrey
    https://www.bbc.co.uk/news/uk-england-52847319...
    02-06-2020, 07:59 AM
  • Buying a refurb project as a BTL
    by leasee123
    Quick question - is it possible to buy a house that needs a complete refurb (but nothing structural or anything major) on a buy to let mortgage? Looking at a house that requires a full refurb to let out. Plan is to refurb straight away after completion and then let out. I know you can do this via...
    24-05-2020, 20:36 PM
  • Reply to Buying a refurb project as a BTL
    by leasee123
    Thanks a lot for the useful comments and sorry it took a bit of time to get back to you on this. I did view the house and indeed it required a full refurb. All the carpets were removed, kitchen gutted out except for the sink and some dated units and bathroom that had the sink, toilet and bath but...
    01-06-2020, 14:54 PM
  • Reply to The beginning
    by jpkeates
    Houseprices only matter when someone is buying, selling or borrowing money on a property.

    I don't expect people to have lower disposable incomes.
    In a recession people tend to either have the same income or have a huge change in living standards.
    I'd expect the demand for rental...
    01-06-2020, 13:11 PM
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