David Pearson

Registered with Property118.com
Tuesday 24th March 2015


Latest Comments

Total Number of Property118 Comments: 4

David Pearson

23:10 PM, 30th March 2015
About 5 years ago

Inheriting Properties with Buy to Let Mortgages

Reply to the comment left by "Mrs Property" at "30/03/2015 - 21:29":

Hi, I think that must have been a different guy.... Read More

David Pearson

9:54 AM, 26th March 2015
About 5 years ago

Inheriting Properties with Buy to Let Mortgages

One thing I didn't mention, I've been meaning to go self employed full time from around May. With the mortgage issue in mind, is it best to wait for everything to be sorted mortgage wise before I do that? Using my annual wage etc..

Obviously, if we speak to an expert, these questions will be answered but it would be nice to know in advance!

Thanks again to everyone, it's been a great help.... Read More

David Pearson

15:54 PM, 25th March 2015
About 5 years ago

Inheriting Properties with Buy to Let Mortgages

Thanks Tony, some great advice there... Read More

David Pearson

11:25 AM, 24th March 2015
About 5 years ago

Inheriting Properties with Buy to Let Mortgages

Many thanks for both of your replies, greatly appreciated.

I think three of the mortgages are with Mortgage Express which is a little concerning if they are one of the more aggressive lenders.

To Tony:

1. All accept one are managed by agents, that one who isn't is a long term tenant and has been notified. Currently all rents are being paid into the solicitors account.

2. This may be something we move forward with, although all depends on getting the mortgages transferred/reissued I guess?

3. The 85% is probably a bit of an exaggeration on my part. They probably fall in the 70-80% marks.

It's sad as Dad seemed to be gearing down for retirement (he was only 66). According to his diaries he was planning on selling 3/4 and clearing a few others.

The mortgages are quite low, interest only payments.

4. His pensions was in trust, and the equity of all the houses doesn't equal the threshold for IHT so hopefully that wont be an issue.

I guess my main concern is just whether or not we will be approved to take over the mortgage. We all own our own properties but I know one of my siblings had problem getting their initial mortgage. Obviously without knowing each of our circumstances it will be hard to say but If they're all tenanted are the chances high of being able to get the mortgage? Or will it all be based on affordability similar to getting a mortgage for your own home? We'd be willing to use some of the pension to boost the LTV.... Read More