Maxwell Day

Registered with Property118.com
Tuesday 28th October 2014


Latest Comments

Total Number of Property118 Comments: 8

Maxwell Day

12:36 PM, 8th November 2014
About 7 years ago

Looking at becoming a Landlord after successful business helped purchase main residence

I'm finding myself in a similar position, because my annual income is now so low since becoming employed im finding ways of refinancing and releasing equity very difficult to arrange, once my 5 year fixed rate has finsished in two years time I may have to sell up to get my hands on the cash. I'm going to keep enquiring as there must be an option as I now own over 40% of a 215k property, I guess in the meantime i will just keep saving. What route are you going to go down with mortgaging both properties, both on high LTV BTL? Good luck with the sale of your place! :)... Read More

Maxwell Day

12:33 PM, 6th November 2014
About 7 years ago

Looking at becoming a Landlord after successful business helped purchase main residence

Reply to the comment left by "Mark Alexander" at "06/11/2014 - 12:19":

Just dropped him a line, thank you Mark :)... Read More

Maxwell Day

12:11 PM, 6th November 2014
About 7 years ago

Looking at becoming a Landlord after successful business helped purchase main residence

So I have done some reading and I've spoke to some advisors including my own lender and finding I'm hitting a brick wall! Santander wouldn't offer me an additional mortgage which is understandable as I am now earning less than I was when I got the first mortgage, when I asked about releasing equity I just got shutdown and was told the only way would be to sell the property, and apparently they don't do BTL mortgages they would only give consent to rent at an annual fee. Can't decide if I was just speaking to an absolute moron or if my ambition to acquire a second property is just unreasonable!? Hmm........ Read More

Maxwell Day

13:14 PM, 29th October 2014
About 7 years ago

Looking at becoming a Landlord after successful business helped purchase main residence

Yea I think owning the whole building will elliminate maintenance issues aswell, ive just been paying the bills for big things and patiently waiting for them to dribble back to me which isn't ideal!

How much equity are you going to have to play with once you sold the house? Are you going to consider putting your existing home on a buy to let and find cheaper accomodation for yourself and the hub if you don't get what you want for your current place?

No I haven't been on there but will definitely check it out, I have discussed with a local estate agent who will take 5% of rent if i source tennants, and 10% if they do it, which includes all referencing, agreements and background checks etc, at the moment I just use a standard lodgers agreement but if i go down that route I will let them take care of that side of things, having rented from them myself when i first moved here I know they are reliable.... Read More

Maxwell Day

11:34 AM, 29th October 2014
About 7 years ago

Looking at becoming a Landlord after successful business helped purchase main residence

Looks like I'll be knocking the annual snowboarding holidays and festivals on the head for a few years then...(ouch) They say you are only as old as the woman that you touch, Mick I'm assuming those holidays in Magaluff are keeping you suitably distanced from that G&T crowd! 😉

Let me know how you get on aswel Emma, would be good to share our experiences! My current property is a maisonette, it was originally a traditional 5 bed Victorian build and the flat below is a state so If I can get my hands on that and spend some
money on it I should benefit two fold, it's just wether I can get a BTL on a property in its state, I haven't been inside but I get the impression of a grade A nightmare!... Read More