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BTL, loft conversion and the 6 month ‘rule’

THE QUESTION

I am looking to buy a decently priced (BMV) house which also has a value add opportunity to convert the loft to raise the value a bit more. My mortgage advisor says I cannot get a BTL mortgage until I've owned the property for 6 months, but I'm hoping to purchase it in August-September via bridging, get the loft converted in October, and be ready to refinance at the highest value...

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Bridging for investors

bridging finance Apr 25, 2022

There are many different types of bridging loan - the secret is knowing the difference and ensuring you get the one that best fits your investment.

Despite most people’s response to bridging being a sharp intake of breath, followed by the observation “Isn’t that expensive?”, bridging is actually a very effective way to finance an investment and has all kinds of...

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How to find profitable ‘doer-uppers’

buy refurb refinance Apr 10, 2022

THE QUESTION

I'm constantly looking at properties to add value to, but they always seem to be marketed by the estate agents at finished value - the renovation cost i.e. with little or no profit margin once complete.

Or they sell at auction for way too much.

What am I missing?

THE ANSWER

Getting all your money out (i.e., 25% deposit and refurb costs) at the point you refinance is a lot harder...

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Just getting started in property?

buy refurb refinance Mar 25, 2022

Less than 5% of people in UK invest in property - so it’s not for everyone.  There are plenty of uninformed people who will tell you it’s a mug’s game and advise you not to risk your money, but if you have the desire and are willing to learn, it’s probably one of the least risky ways to turn a modest cash pot into a substantial profit.

So where do you start?  ...

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Purchasing Property at Auction

buy refurb refinance Mar 10, 2022

THE QUESTION

Can you buy a property on auction with a mortgage?

THE ANSWER

Theoretically, yes, BUT mortgage lenders have, with few exceptions, struggled to fully underwrite and get their offer out in time for conveyancing to be completed in the timeframe required by auctions - usually 28 days, sometimes less.  The same goes for most residential conveyancing solicitors, some are of the view...

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It’s always a buyer’s market

buy refurb refinance Feb 25, 2022

The stamp duty holiday for a large part of 2021 created a buyer’s market - in fact some estate agents were desperate for more properties to sell.  But as we all know trends change and as property prices rise the pendulum may swing the other way.

However, a smart property investor doesn’t look at the overall property prices, but seeks out the juicy deals that aren’t within...

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When to say ‘No’

buy to let Feb 10, 2022

THE QUESTION

I’ve had an offer on a flat/bedsit accepted. The estate agents floor plan shows the total floor space as 26.8m2.  Will this be a problem when I apply for a BTL mortgage? Am I right in thinking lenders have a minimum 30m2 minimum figure?

The other option is to decorate throughout and sell it on.  Are residential mortgages easier to acquire on flats this size making...

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What has 2021 taught you?

mindset Jan 25, 2022

The last year has changed the property world - and yet, despite predictions of doom and gloom, it’s remained buoyant and property is still a first class investment with prices increasing.

The past couple of years have demanded a level of flexibility from the property industry and, in general, most property businesses have risen to the challenge.  There have been more virtual viewings...

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Is this really a good deal?

THE QUESTION

I have seen a 20-30% BMV opportunity that is nearby and being sold at auction. What is the best and quickest way to purchase the property and ensure that, when I either flip the property or re-finance, it’s re-financed at the market value? The property is in good order and does not need any refurbing.
Do I need to keep the property for a certain amount of time before the...

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Cash buyers only - or not?

bridging finance Dec 25, 2021

If a property is advertised as CASH BUYERS ONLY do you skip past it or take a closer look?
If you’re in the fortunate position of having enough cash to buy properties outright you’ll know that there are some great bargains to get. Cash buyers never pay full price!
However, if your cash pot isn’t there yet, you may see properties tagged CASH BUYERS ONLY as not for you.

In a...

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