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17

Sep, 2014

Wednesday

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  1. 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...
  2. 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...
  3. Is the property elected for VAT anyway?

    Is the property elected for VAT anyway?
  4. Replies
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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...
  5. Obviously replied at the same time Loanarranger :)

    Obviously replied at the same time Loanarranger :)
  6. 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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    You won't necessary have to split the title...

    You won't necessary have to split the title before you build but you would need the permission of the existing lender to do it ( I suspect they will not agree to it without either a full or partial...
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    The banks have very little appetite to support...

    The banks have very little appetite to support the development sector but there are specialist lenders who do. They will normally lend up to between 45 and 60% of the developed value (the difference...
  9. All of the preceding points are relevant with...

    All of the preceding points are relevant with regard to what is assessed as the value when you may well be buying it at a slight discount, expect any lender's valuer to use the actual selling price...
  10. For this facility to work for you , the property...

    For this facility to work for you , the property will need to have been owned for at least 6 months and is not suitable for a new purchase now
  11. depending on your circumstances ( both...

    depending on your circumstances ( both financially and credit wise) if you only need £15k some form of personal loan may best serve you as the costs associated with taking a mortgage can often far...
  12. Of course it is but you could end up paying twice...

    Of course it is but you could end up paying twice as the lender will have to instruct their own valuer to protect their interests. It might be worthwhile if you plan to go that route is to get your...
  13. Your existing mortgage is already around 75% LTV...

    Your existing mortgage is already around 75% LTV using your higher valuation figure, a move to a B2L lender would just effectively be a sideways one just to regularise the type of lending you should...
  14. You are probably 'paying the price' for getting...

    You are probably 'paying the price' for getting what you now believe was a good deal 7 months ago and I suspect the fact that you bought for that figure that recently has come into the comparables...
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    Something worth clarifying with your accountant,...

    Something worth clarifying with your accountant, if the capital raising on the portfolio is going into your personal assets will you still be able to claim tax relief as a business expense on the...
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    They should look at them individually as part of...

    They should look at them individually as part of a portfolio, but they won't amalgamate incomes across a portfolio - each property has to be able to service an individual debt against an individual...
  17. A commercial lender will look at this providing...

    A commercial lender will look at this providing everything else stacks up
  18. When you wanted to let the first house, you would...

    When you wanted to let the first house, you would have to get 'consent to let' from the lender and you would have to have a good reason for needing it, e.g. having to move with a job, going in the...
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    Development funding and B2L term funding should...

    Development funding and B2L term funding should be used where the outcome of the property is known at the outset, if you intend to sell, source the former, if you intend to hold, work with the...
  20. As the property won't be generating any income (...

    As the property won't be generating any income ( the background lenders need if they are to support you) until the works are completed, you probably will have to bridge first, use your monies towards...
  21. The thing to bear in mind is that you are talking...

    The thing to bear in mind is that you are talking about a 'Balance Transfer' card, so it is designed to move a card debt elsewhere on to the new MBNA card, they are not usually cards that allow you...
  22. Looks like NatWest typical terms

    Looks like NatWest typical terms
  23. That would be the question I would be asking as I...

    That would be the question I would be asking as I suspect if it is just for an improvement in rates I doubt that will be there plus you will have two arrangement fees, valuation fees and of course...
  24. Most property lenders have a minimum lend of £25k...

    Most property lenders have a minimum lend of £25k ( this used to be the old CCA limit eons ago and many stick to it) but this doesn't mean they will lend on low value properties, just that they won't...
  25. No lender is likely to rely on a floating charge...

    No lender is likely to rely on a floating charge alone and would want a 1st legal charge AS WELL as a Fixed and Floating charge if the borrower was a new limited company.

    Lower value properties...
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