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loanarrangerVerified Poster
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Last Activity: 21-09-2018, 20:15 PM
Joined: 14-02-2014
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  • Hi Gordon999 , I am inclined to agree with most of your predictions but steady on "Drink less French Wine" thats going a tad too far , glad I got my stocks on the way back this summer.
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  • I share the artfullodgers reminiscing, at the time I was a regional manager and it wasn’t uncommon for branch managers reporting that on a Monday morning numerous property keys had been pushed through the letterbox by youngster who had over borrowed on the basis of mortgage tax relief for each borrower...
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  • Broose with regards to your current loan with TMW you might want to use theirProduct Switch option and once completed take out a Further Advance , the latter combined with the outstanding balance would be assessed at 145% at their stress rate of 5.5%. This could be more economic that switching lenders....
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  • Go onto the Institute of Chartered Accountants and input location and that should produce a list of accredited Chartered Accountants, the same also applies for the Instute of Certified Accountants,

    putting the above aside I am sure one of the established contributors might be able to suggest...
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  • loanarranger
    replied to Mortgage News
    Is this the beginning of a more pragmatic approach by lenders.
    Today a lender has announced that provided the BtL property was purchased pre Jan 2017 and the remortgage is on a £ for £ basis they will apply a lower rental stress calculation of 125% @5.5% with a proveable minimum income of £20000....
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  • Any professional advice be it legal or accountancy comes with a price tag and if they also complete your respective tax returns then the fee quoted seems entirely reasonable . The fee in any event will no doubt be included in the next return against your income from Land & Property so yes it is...
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  • Theartfullodger is absolutely right , such schemes should be avoided like the plague , indeed I would go so far as saying that such arrangements are not acceptable so far as lenders are concerned.

    These arrangements are often promulgated by so called property educators as a means of getting...
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  • Do not confuse the FCA guidelines on a Regulated Home loan and a Non Regulated Buy to Let, the guidelines for the latter are not covered and any claims against the lender would be futile. You exercised a “commercial” transaction.
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  • Hi Slooky
    i think you put your finger on the issue that you didn’t have any problems in getting the Mortgages 18 plus years ago. Those were the Wild West days of Buy to Let with very few lenders fully understanding the implications of Buy to Let Mortgages. BM were like many lenders like Mortgage...
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  • Good morning Boletus , I suspect it wasn't a product transfer but the coming to the end of its actual mortgage term. I had to read the post twice before I made my response.
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  • Good post and worthy of a serious response.

    Whilst there is no justification in any lender acting in a hostile manner when a long standing borrower is seeking genuine advice the unfortunate fact is that irrespective of whether the loan(s) relate to Regulated or Buy to Let Mortgages a lender...
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  • Such matters do fall outside the domain regarding the CML and it’s members.

    I am impressed that you have ploughed through the CML manual, I have to confess that in a lifetime of lending etc this is one publication I have missed off my reading list, perhaps Father Christmas will remember...
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  • I go partly with davebhoy insofar as covering your options.

    All of the financials suggest that it is considered unlikely that Bank Base rates will increase this side of 2019 and therefore I would be getting my documentation prepared to submit an application in early January taking advantage...
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  • Thanks for contributing to the discussion , I hope that the OP has got what he was seeking.

    During the disposal I was somewhat surprised at the extent to which Indemnity policies were available including when "Cowboy" Double glazing contractors install units without being FENSA...
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  • Good morning Boletus
    I am only able to state what isasked on the standard LegalPack sent by Vendors solicitors to its clients to complete. In the example I gave our representing solicitor simply offered the indemnity to the purchaser’s solicitor who accepted in lieu of the documentation....
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  • I have just acted in the disposal of a number of properties which my overseas clients acquired before I got involved from a so called Property Educator which promised BMV , capital growth after each unit was refurbished and great yields, sadly Midas failed miserably to materialise and it has taken 18...
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  • May I suggest you google the question on the RLA web site, it clarifies the obligations on a landlord for both wiring and electrical appliances provided.

    It is important to note that when a property is being sold, the vendor is obliged to complete two standard law society documents, one...
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  • Dont panic "Mr Mainwaring" all is not lost. Have you had your portfolio assessed to establish if you could refinance to a longer period than that which is presently in place but on this occasion without raising additional monies. Many of the main stream lenders will permit borrowings up to...
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  • I am citing the following from one of the leading lenders in BtL which typifies the current assessment between Standard and Higher Tax Payers so far as calculating the stress rate.

    "ICR is currently set at 125% for anyone’s income that is under £40,000 and an ICR of 140% if an individual...
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  • jpkeates makes valid points , regrettably lenders seem to take a black and white attitude , if you are classed as a Higher Tax payer then the default position is to increase the stress calculation which can be disadvantageous for borrowing compared to that at 125%.
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