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[loanarranger]

Much will depend on who the lender is to determine if what you have undertaken complies with the criteria and mortgage terms which you signed up to when the mortgage completed.

[loanarranger]

It s easy to determine what the response would be from your lenders simply by. Checking their criteria on their web sites. If theLender states it does not accept HMO’s then you have no option but to Remortgage to another lender who does, failure to do this is regarded as a breach of your existing...

[loanarranger]

I have trawled through my sourcing system and regret that I cannot find any lender who would accept such a low value property located in Northern Ireland and to be purchased by a Limited Company. This is a very niche level of acquisition and even if the unit were located on the mainland , I would find...

[loanarranger]

Glover1862 , Lenders take a dim view when the applicant has indeed failed to disclose such income , ignorance is not an excuse and considered as being fraudulent in its truest meaning.

best wishes going forward.

[loanarranger]

On the basis of what DPT57 has said , that would indeed complicate your proposition as the vast majority of lenders would noT accept even aN conventional Unregulated BTL from you as you are a First Time investor with absolutely no experience of such types of property.

[loanarranger]

As long as the studio has the absolute minimum sq ft / Mt you might stand a chance. Speak to a lender like Shawbrook , not the cheapest but quite accommodating.

[loanarranger]

I do not think you have any major concerns so far as the lender is concerned and I feel that properly explained to HMRC they will be understanding given that you have taken the rental as being 100% and have paid tax accordingly rather than the 50/50 apportionment.
As long as you can produce your...

[loanarranger]

I know you don’t want to know anything about mortgages, but as you will be resident in the property with the intention of subletting a major part of the property this would prove a problem in securing a mortgage. BtL’s are Unregulated but with you occupying the property this trips over to a Regulated...

[loanarranger]

What percentage of the building is occupied as a retail unit and then what are the sizes of the individual flats in terms of sq Metres.
Ideally you would indeed have to create separate leases but you cannot grant yourself leases as you own the Freehold.
On the Mortgage front, the next issue...

[loanarranger]

An article appeared in a Trade publication highlighting the increase in First time Homebuyers whilst Buy to Let loans decline

The number of loans given to borrowers taking their first step on the ladder increased 5.8 per cent year on year, making up £6bn of new lending – a 9.1 per cent...

[loanarranger]

Around 75/80%

[loanarranger]

If you sell the property, will it be with the benefit of the tenant or with fullvacant possession. If you then decide to buy another property with the genuine purpose of letting it and NOT occupying it then no issue but if you do occupy even part of the property then it becomes a Regulated BtL ....

[loanarranger]

The two firms mentioned do deliver on their promise to purchase but not at the price you would want to sell unless you are being forced to sell.

[loanarranger]

Absolutely not, one is unregulated and the other is regulated, never the Twain shall meet.
it is important to note that not all lenders offer BtL mortgages with a Portability facility.
If your existing loan did permit Portability and you happened to fail to disclose the small fact that the...

[loanarranger]

BM Solutions have announced their intention to increase the minimum property value from £40000 to £50000. Not a big deal but worth considering for those properties located in areas where such properties can be purchased at such low prices.

[loanarranger]

Sorry I couldn't provide different advice.

[loanarranger]

Any incentive by the vendor/builder has to be disclosed , failure to do so is fraudulent. Once disclosed the valuer will discount the amount when arriving at their valuation. An additional element is that you will have to show to your broker/solicitor that you are committing the difference between the...

[loanarranger]

The first question I have is how on earth did you manage to get HSBC to grant you , based on the figures quoted, a Loan to Value in excess of 85% or was this your initial property for Homeownership and they subsequently granted a Consent to Let?

The unfortunate fact is that in the current...

[loanarranger]

To add to Gordon’s response it is important to note that if the purchaser is buying for their own occupation, the validity period of a regulated mortgage does not extend beyond 6 months and if sold to an investor the BtL Mortgage is generally only valid for three months so as you can see selling with...

[loanarranger]

I do not believe you can create such a lease given that you are party to owning the Freehold also.
Why not take out a semi commercial mortgage, as long as theCommercial part has its own FullRepairing lease and the self contained flat is occupied under an AST you could indeed borrow sufficient...