Angus Moore

Registered with
Thursday 22nd May 2014

Latest Comments

Total Number of Property118 Comments: 2

Angus Moore

12:30 PM, 16th November 2014, About 7 years ago

How to increase size of BTL portfolio

Reply to the comment left by "Mark Alexander" at "16/11/2014 - 11:30":

Hi Mark,

Many thanks for your suggestions, and to answer your questions:

The money for the first project was raised from the sale of a BTL flat which I'd owned for 10 years and had a good amount of equity in. I used some of this money to live on and some to buy the first flat (a repossession) in April 2013

This flat did so well after renovation and the market working in my favour that I remortgaged it and had enough to buy the second property for cash (I was turned down for a mortgage due to the poor condition)
The second flat did extremely well too and when I was able to mortgage it I had enough for 2 further flats.

With regard to my previous career as a self employed photographer, it only really provided enough money to live on and there wasn't a surplus for investment - also the hours were unpredictable and with 2 young children I decided it was time for a career change. My wife is also joint owner of all the properties and she has a good salary which enables us to secure the BTL mortgages.

I can continue at present by selling flats and releasing the equity in them as you mention but as I work so hard on the refurbs I become attached to the properties and find myself reluctant to sell them - my wife tells me I need to get over this 🙂

Many thanks again,

Angus.... Read More

Angus Moore

9:33 AM, 23rd May 2014, About 7 years ago

Day one remortgage for cash purchase - failed score?

Reply to the comment left by "Neil Patterson" at "23/05/2014 - 08:48":

Hi Neil,

Many thanks for your quick response to my post. To give you a bit more info, I bought the flat jointly with my wife who has a good full time job and high salary. I'm self employed and on paper show a low income and also have some outstanding credit card borrowing from a previous property renovation (circa £30K) which will be paid off as soon as we can obtain a mortgage on the new property.
I recently checked my experian report and it was 'fair' with no missed payments CCJ's etc.
The amount we applied for from Virgin was the purchase price of £182K (excluding renovation costs) but the flat is currently worth around £285k so there's plenty of equity, and rental income will be around £11-1200 pcm
We also have a large amount of equity in our own house and another BTL with good equity.
Our broker thinks we are a good prospect for a lender but Virgin have rejected us on the points scoring.
It's a crazy market out there at the moment for sure :)... Read More