Chances are that when you reach your 70’s your BuyToLet lender will expect your mortgage to be repaid but is this ageism in BuyToLet mortgages justified and are there any BuyToLet mortgage lenders taking an alternative view?
This is a question that’s been filling my business partners email inbox this morning. Well if you are into or approaching your 70’s I have some very good news for you!
Continue reading Ageism in BuyToLet mortgages? Myths dispelled
Is it possible for landlords to have a partial exit strategy without selling the goose that lays the golden eggs, i.e. their buy to let property. I have spoken to a very wide cross section of landlords over my time who have reached the point where they are saying “enough is enough”. They are fed up with tenants, letting agents, rules & regulations and of course void periods. However, for a whole plethora of reasons they don’t consider that now is the right time to sell up and are looking for alternative or partial exit strategies. Continue reading Partial Exit Strategies for Landlords
I received an email today from one of the Financial Advisers we have a close working relationship with. I’ve decided to share it with you on the basis that we know several people invest into BuyToLet properties with a view to letting them to family members.
I was asked by one of my clients last week whether he could buy a property to let out and rent it to his niece. That should have been a fairly straightforward question to answer with my knowledge and experience, but I had a niggle at the back of my mind so I thought I would check it out …. and what a mix of answers I got! Continue reading When is family not family for BuyToLet mortgage purposes?
My vintage year was 2003. I was followed for 24 hours by a camera crew to make a TV program about young entrepreneurs. By then I had 100 people working for me selling buy to let mortgages and turnover from mortgage sales was £7 million a year. In 2003 I also purchased my first built to order super-car, a Ferrari 360 Spider. I visited the worlds best hotel and had a suite with a butler at the Burj al-Arab in Dubai. In 2003 my property portfolio made me an extra £1 million in 2003 without lifting a finger. It was a bitter sweet year though as I also lost one of my dearest friends in a car crash at the end of 2002. My friend David was one of the first people to start working with us, he lived with my wife and I for three days every other week and the same with my business partner on the alternate weeks for several years. That all started whilst he was going through a messy divorce. He continued commuting between Norwich and Halifax for work even after getting re-married until the saddest day of my life. I received a call telling me that David’s his car had left the road and flipped several times killing him instantly. He’d left our office only a few hours before and was on the way home to see his new wife and new born baby. It was that which changed my outlook on life forever and was also the reason I started to enjoy my wealth. We never know how long we’ve got left. As they say, there are no rehearsals in life. Continue reading My BuyToLet Portfolio “Vintage 2003” – part 8 of my latest series
The Principality Building Society will consider lending on holiday homes using their standard buy to let product range and criteria.
This little know niche which is unusually for lenders was brought to my attention by one of our consultants James Scoular after helping a Property118 reader secure an offer letter on her holiday home. Sure enough after investigation I found it hidden away in their three page mortgage lending criteria guide. Continue reading Principality will consider Holiday Homes on BuyToLet
An existing halls of residence in the heart of Sunderland, Dunn House has been identified as a prime location for private investment, due to the shortage of student accommodation in the area, in relation to the high number of students enrolled at the university.
Student BuyToLet Properties in Sunderland – 10% yield
Currently undergoing an extensive refurbishment to elevate it to the high standard now considered a benchmark for boutique student accommodation, the residence is comprised of 109 single and double studio units and is assured to generate investors 10% NET rental returns for years one and two. Continue reading Student BuyToLet Properties Sunderland – 10% yield
Buy to let pundits fill acres of space online and in the media talking up property investment – but most of them have a vested interest in pushing products on landlords.
The main offenders are mortgage lenders forever talking up the market in surveys and house price reports – and including sly details of their buy to let mortgage deals at the same time. Continue reading Searching for the Truth About Buy to Let on Google
By Neil Patterson, Partner of The Money Centre.
Most mortgage lenders use credit scoring to determine whether an applicant is “good for credit”. However, unlike personal mortgage lending, which is based upon an applicant’s ability to service mortgage payment and repay the loan from earned income, buy to let lending is often based upon the ability of a property to be rented to provide sufficient income to service the mortgage interest and associated expenses.
Continue reading A simple guide on how to calculate maximum loan based on lenders criteria.