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Funding your property purchases

This is the perennial dilemma when you don’t have a big nest egg to use, how do you fund your deals?  What do you do when a juicy deal comes along and you just can’t find the deposit?

Usually, when you find a deal that needs doing quickly, you don’t have someone with private money that is ready to invest right now.   Conversely, when you have built up the trust...

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Should you buy an illegal conversion?

THE QUESTION

I am looking into a BTL with tenants in situ.  It’s a two- bed house, with a studio annexe; both with separate tenants.

The annexe does not have planning permission, but has been let out as a studio for several years. 

In the land registry, it's one property with one title deed. There are no separate leases or any lease. Owned by one person, under whose ownership...

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Overcoming a poor credit rating

If you’re looking at property investment one of the biggest stumbling blocks that you’ll face may be your credit rating.  It doesn’t take much to get the odd smudge on your credit record – a missed payment or a lot of maxed-out credit cards.  It can even be something from your past that still shows up on the record.

This is one of the things that stops...

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The lender says ‘No’

THE QUESTION

I made an offer for a property that will be my first BTL.  It was accepted and the surveyor went round, Now the surveyor has said kitchen is not up to scratch so the value of house is zero.

The house needs some work, which I was going to do before letting, I am a builder, so I know what needs doing and have the skills to do it.  I just wanted to do it and get the property...

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A windfall to open the door to property

Saving up – especially in today’s economic climate – is tough, and when you need to save thousands to amass enough for a deposit on your first buy-to-let, it can take years.  However, many people start looking at property when they receive an unexpected windfall.

This might be a chunk of cash that comes as an inheritance or may even be a property, that gets the little...

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Using equity for a buy-to-let

THE QUESTION

I have property with a personal mortgage of £189K and I’ve just finished building an extension.  The new valuation for the property is £685K.

I want to get £150K out of the equity for a new buy-to-let project, but my broker says my affordability won’t get this much.  Is there a way around this without selling this house?

Do I need to change...

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Is bridging an expensive option?

When I mention bridging finance as a means of funding a property purchase most investors do that sharp intake of breath and, inevitably, say “Isn’t that expensive?”

Most people see bridging as an expensive option as the interest rates are much higher than a mortgage - but, for the smart investor, bridging is only expensive if you don’t use it intelligently.

If you:

  • Have...
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Protected tenants - a no-go area?

THE QUESTION

Is purchasing a building with a protected tenant a good idea?

THE ANSWER

That depends on your vision of the future.  If you’re in it for the long haul then maybe, but if you’re looking at it as a business decision you need to know the facts.

Regulated Tenancies pre-date ASTs (Assured Shorthold Tenancies) as the rental contract used between landlord and tenant. 1st...

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The state of the property market today

It’s not just property investors who are aware of the state of the property market today - it’s aggressively a seller’s market, with home buyers struggling to find a property.  Mortgage lenders, estate agents and even people who aren’t looking for a new home right now are aware that properties are snapped up as soon as they’re listed.

The result is an...

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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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