LandlordZONE

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May, 2015

Tuesday

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  1. Replies
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    You are likely to struggle if the residential...

    You are likely to struggle if the residential rent is insufficient to service the overall loan as few lenders will rely on you 'speculating' that you can get the commercial part let. If you have an...
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    I was working closely with a lender providing...

    I was working closely with a lender providing commercial finance in the residential investment sector in the mid 90's before ARLA coined the phrase 'Buy to Let', we used to peak at 70% LTV on the...
  3. ARIC doesn't exist as a term now and have been...

    ARIC doesn't exist as a term now and have been replaced by MRICS - Member of the Royal Institution of Chartered Surveyors. FRICS - Fellow of the Royal Institution of Chartered Surveyors is someone...
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    Looking at all the 'professional' landlords (my...

    Looking at all the 'professional' landlords (my definition of being someone for whom property forms their principal source of income) we have worked with over the years their average gearing has been...
  5. Both transactions (the sale and the new purchase)...

    Both transactions (the sale and the new purchase) would probably have to happen contemporaneously too- is that likely to happen?
  6. Depends on both the lender and what the residual...

    Depends on both the lender and what the residual LTV will be as the same debt against the cheaper property could mean that the lender might want you to reduce the loan to an acceptable level (to...
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    Makes more sense now - so presumably you have a...

    Makes more sense now - so presumably you have a residential mortgage that is in excess of 80% LTV? If that is the case start saving like crazy to build up an amount sufficient to get your borrowing...
  8. It is not so much how many times your rental...

    It is not so much how many times your rental income exceeds your job income, more a case of whether your NET rental income (as declared to HMRC) can cover all of your outgoings including any new...
  9. The only lenders that will take the 'capital...

    The only lenders that will take the 'capital appreciation' stance are those that worry less about where the income comes from and focus on the asset value, charge substantially more for that...
  10. I presume your solicitor and accountant don't...

    I presume your solicitor and accountant don't charge you for the work they do for you either :)-: , the answer could be that your 'specialist broker' would know which lenders would favour your...
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    This would be development finance - specifically...

    This would be development finance - specifically for a builder undertaking it as a business - self build mortgages are a corruption of the residential mortgage with a term lender for people who self...
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    If the site has no mortgage whatsoever it will be...

    If the site has no mortgage whatsoever it will be just capital raising not a 'remortgage' and firstly banks are not lending interest only on residential owner occupation let alone a commercial...
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    You will see that I said in my response - The...

    You will see that I said in my response - The interest charges and thus repayments are rolled up into the loan
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    Aysandie What you have against you is your...

    Aysandie

    What you have against you is your age, insufficient personal income and even perhaps a lack of background credit (if you don't have any form of lending at the moment). A residential...
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    I would suspect the £35k cost you are talking...

    I would suspect the £35k cost you are talking about relate to refinancing the lot as few development funders (as opposed to bridgers) would be happy with a 2nd charge as would the 1st charge holder...
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    This isn't a 'rule' just a 'guide' for CML...

    This isn't a 'rule' just a 'guide' for CML members most of whom do follow it.

    Buying a property that has been 'done up' by a developer is akin to buying a property built by a developer who...
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    I would suspect that most development funders...

    I would suspect that most development funders would want a clean 1st charge so that your existing B2L lender would need redeeming to do so. Typically the more specialist development funders will...
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    This can be funded commercially as a single title...

    This can be funded commercially as a single title multi-let, if you do turn it back into a 5 bed unit expect any offer of advance to include the condition of removing the duplicate services and I...
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    It depends who you borrow from, if the existing...

    It depends who you borrow from, if the existing lender is agreeable you may be able to capital raise with them, do bear in mind that you cannot refinance one part without the original lender agreeing...
  20. Has this been submitted by mistake as a...

    Has this been submitted by mistake as a residential mortgage application by any chance? If this is understood by the lender to be a B2L property you wouldn't in any way be an occupier so your tenant...
  21. Is there something special about the property (or...

    Is there something special about the property (or your circumstances) that needs it to be sold under an auction process?

    If you examine most auction catalogues the stock they sell is often placed...
  22. Is the property elected for VAT anyway?

    Is the property elected for VAT anyway?
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    loanarranger, If you Google 'Relevant Life...

    loanarranger,

    If you Google 'Relevant Life Policy' you will see it is possible to have a policy through a limited company that is classed as a business expense and ideal for the...
  24. Obviously replied at the same time Loanarranger :)

    Obviously replied at the same time Loanarranger :)
  25. Sorry Mo you wont be able to do that, the...

    Sorry Mo you wont be able to do that, the lender's valuer will report that it is 2 flats and it will all fall over.

    Ultimately if you were able to split the title (which you would have to do to...
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