Building my property portfolio – your thoughts please?
I have 2 properties that I bought for cash, one of which is my primary residence and one is a flat I rent out. I have just taken a buy to let mortgage on the flat and wonder what is the best way forward to building my property portfolio.
Do I buy one property with that money and then mortgage it again or do I use that money to buy two properties, putting down a 20% deposit, and get two mortgages?
I really don’t know which is the best way forward. I have worked out I need about 8 properties to be able to live comfortably. I have also sold my shop and will be getting more cash in about three months.
Thanks in advance for your helpful suggestions.
Sally Lloyd
25 comments on this article
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Heather Lake of Worthing
Member Since January 2011 - Comments: 12255 - Articles: 1477
11:32 PM, 31st May 2013, About 13 years ago
@Paul Barrett, I’m not really sure how to interpret that comment. Are you suggesting I should be on a beach and who is the numpty landlord?
Member Since June 2013 - Comments: 3329 - Articles: 82
9:08 AM, 1st June 2013, About 13 years ago
As Mick Roberts says ‘The only way to make money out of property is to HOLD IT’.
Housing Benefit expert-From a Landlords point of view.
9:41 AM, 3rd June 2013, About 13 years ago
Good Morning Mark ,
Any advice for a landlord with 2 BTL looking to purchase more??
My main predicament is that i’m based in Spain and paying Spanish tax…thus I am struggling to find UK lenders to finance my next purchase in the UK.
Are you aware of any lenders that are more focused on assisting ex pats with UK purchases ?
Rgds,
Gary
Member Since January 2011 - Comments: 12255 - Articles: 1477
1:11 PM, 4th June 2013, About 13 years ago
@clowdyski – I’m sorry I don’t know the answer but I bet I know a man who does. His name is Howard and i have invited him to comment here 🙂
Member Since June 2013 - Comments: 381 - Articles: 61
2:01 PM, 4th June 2013, About 13 years ago
Thanks Mark
@clowdyski – in my role as a ‘whole of market’ Broker, I have access to all banks, building societies and specialist lenders for all types of mortgages including commercial finance, BTL, ‘ex pat’ and residential mortgages.
A quick check with one of our lenders who I know provides ‘expat’ mortgages and their criteria states;
Buy to let for ex-pats
Must be employed by a corporate company
Must have left the UK in the last five years
Must have a buy to let in the UK
This is just one of several who I could possibly introduce you to.
If you happen to qualify for the above, their proposition is as follows;
“Purpose: Purchase or remortgage
Repayment types: Capital repayment or interest-only
Term: Minimum 5 years
Maximum 20 years
Loan size: Minimum £50,000 – exceptions may apply
Maximum £500,000
Loan to value: Up to 75% LTV
Maximum age: 85 years at end of mortgage term
Minimum income: No minimum
Retired – in receipt of personal / company pension income
Corporate leases on a Full Repairing and Insuring basis up to five years from local authorities, housing associations and PLCs.
Location: England or Wales (including the Isle of Wight and Anglesey)
Valuation: Minimum property value £75,000
Buy to let maximum exposure and experience: No maximum number of buy to let properties
First time landlords not accepted
We do not currently lend on: Properties in Scotland or Northern Ireland, Right to buy or self build, Freehold flats,Non standard construction”
So, in summary, yes options may be available – as always, subject to your personal and financial background being approved, which is where we can help.
Hope that’s of use and of interest.
Howard.