Equity release - bank not playing ball

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    #16
    It may be time for a change of banks! My boss did this about 4 years ago when LloydsTSB, his bank for over 40 years. just could not provide the level of support he needed in Property terms. He headed to HSBC who apart from an iffy Manager in the middle of three have been very good at helping the business to grow!

    Some banks have different rules and diffeent levels of risk!

    I know of a very good Mortgage broker if you require info! Just PM me and I will reply!
    GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

    Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

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      #17
      Hi Justaboutsane - will PM you - thanks! Agree about the change of banks but ironically we are currently business banking with the HSBC - obviously it varies considerably from branch to branch. Thanks again.
      Unshackled by the chains of idle vanity, A modest manatee, that's me

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        #18
        PM receieved and replied! .. Most be a regional thing! As I said one manager was not very helpful but the first one and the current one have been great! Only one thing about HSBC... you cant pay in at Post Office which is a pain for some tenants who cant get to a branch! Never mind!
        GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

        Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

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          #19
          Yes it is possible to make a living with rents exceeding mortgages, but yes you do have to put down at least 15%. But it's the interest rate that's the killer, not the few extra thousand quid you have to find.

          High street banks are not generally competetive in the BTL market.

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            #20
            Originally posted by islandgirl View Post
            Jeffrey - the income generated by the new property alone would not be enough to pay for it...hence the need to mortgage something else as well. The bank know full well that we have enough income to "make up" the payments but are not willing to go down this road it seems. Maybe someone else is?
            Planner - get a grip. One would ask why you are contributing to a forum called Landlordzone if you have a problem with the landlord / tenant relationship? Sorry - "contributing" was the wrong word as your effort brought nothing to the party. As it happens the new property will be a holiday let but you probably don't agree with holidays either - depriving the economy of another weeks output perhaps?

            I think the key word here would be FORUM, if you can find time away from your property empire, and your not on holiday, Google it. Think I had a valid point, if the bank are causing you difficulties, sell it and diversify your investment portfolio accordingly into something none property related. A further house on the property market for a FTB will benifit the economy far more than another weeks holiday.

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              #21
              Planner - you obviously do not appreciate that there are many tenants out there who could actually afford to buy a home but chose not to! Some people actually prefer not to be tied down to a mortgage because they want to have mobility (particularly for employment purposes). Therefore, many landlords are providing an invaluable service by providing quality homes to rent - especially as many councils do not have the housing stock to provide everyone with a home!!!

              I fail to see what your problem is! Unless of course you are wanting to buy your first home but can't afford to....

              Regards

              J

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                #22
                Planner - "property is theft" huh? Thought that idea came crashing down with the Berlin wall...
                I echo Joanne's excellent post.
                Clearly you are bitter about something - don't wallow in it it's not good for you. Perhaps you need a holiday?
                Unshackled by the chains of idle vanity, A modest manatee, that's me

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                  #23
                  Originally posted by islandgirl View Post
                  Planner - "property is theft" huh? Thought that idea came crashing down with the Berlin wall...
                  I echo Joanne's excellent post.
                  Clearly you are bitter about something - don't wallow in it it's not good for you. Perhaps you need a holiday?
                  Don't encourage him/her. Its a free country, and planner can post here if s/he desires but you don't have to reply to pointless and trollish posts if you don't want. Of course, if debating with trolls is your thing then don't let me stop you . YMMV etc.

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                    #24
                    Well said Miffy. Far too busy running my "property empire" (as the troll put it)to debate with the likes of him/her! Still think a holiday would do them good though...
                    Unshackled by the chains of idle vanity, A modest manatee, that's me

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                      #25
                      Don't know if you've sorted this yet, but if not Singing Pig are pretty good for being a bit creative for finding the financing.

                      http://www.singingpig.co.uk/forums/

                      But I suspect most peeps here know that forum already...
                      ~~~~~

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                        #26
                        Thanks RuthLess - another one for the list much appreciated.
                        Unshackled by the chains of idle vanity, A modest manatee, that's me

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                          #27
                          How very dare you.

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