Your income from your Buy to lets?

[hech123]

Zuby - they will prob only look at you if you move your whole portfolio. I have tried various projects, for instance I currently have a freehold flat and a large 4 bed house with no loans, I also have 3 other properties with low loans, I am considering doing these in a bulk lot but realistically you want to be lending over £500k.

Depends on area but most banks have a property specialist and they lend on different criterias, I use Lloyds and the lending criteria is to have over £2million in loans - then you use a Director of sorts who is much better and can ALWAYS get you money more or less.

I know Barclays in the North West have a criteria of only £500K so it all depends on how much you want. Most banks on a smaller level are really struggling this is because they would rather lend to people who really know what they are doing and have lots of security, you get about 60-65% of the value.

Banks I know that are lending are Handlesbank(50% LTV), Barclay's and Lloyds(60-65%), Bank of China I am told. HSBC may be coming back in I am told but have had no dealings with. I am told Lloyds is the best and doing the most deals but I have been with them for many years and was lucky in that respect.

[hech123]

I can understand what they are doing, as they only have limited capital. Who would you lend to, some guy who has no idea about refurbs/finance/renting and earns very little money or a guy who has done it for years and has probably got a massive income, lots of assetts?

[Berlingogirl]

I've got 7 (hopefully as of tomorrow, 8) properties, one is a HMO of 5 tenants. Profits vary from year to year. Most of the profit is reinvested which means we (2 teenage sons and I)live on next to nothing but we get by. I used to have another job (teaching) but couldn't manage both this, landlording, and being a single mum, so I gave up teaching.

[Hamzasdaddy]

I've got 7 (hopefully as of tomorrow, 8) properties, one is a HMO of 5 tenants. Profits vary from year to year. Most of the profit is reinvested which means we (2 teenage sons and I)live on next to nothing but we get by. I used to have another job (teaching) but couldn't manage both this, landlording, and being a single mum, so I gave up teaching.

Hi! This is interesting as I am a teacher and have three young kids. Not single but I certainly empathise with the demands of the teaching job! I would love to hear how you got to where you are now!

[apb1]

Hi,

I know a lady who has recently (since 2007), bought student HMO’s that gives enough cash flow and return to live off. Their portfolio is only 4 houses, albeit 4 that do very well :-

1) 6 bed HMO conversion, £155k + £5k HMO conversion costs, @£70 per person/week 85%LTV
2) 6 bed HMO conversion, £155k + £5k HMO conversion costs, £70 @ per person/week 75%LTV
3) 7 bed HMO + £5k HMO conversion costs £160k, £75 per person per week / 75%LTV
4) 6 bed HMO, £145k 75% LTV £65 per person/week

The rent excludes bills as that is upto the students and doesn’t have to worry about council tax because they are students.
Total yearly rent collected is ~£83,000, with a repayment mortgage costs of £32,000 leaving £51,000 gross profit on an investment of £168,000.

She’s done very well from it in only a few years, but due to the work load had to essentially be her full time job as it was quite time intensive during summer trying to get the houses ready.

[cupcakeli2717]

I have 1 BTL flat and another one on the way with low loan hopefully by month end which I bought via an auction. I am thinking of selling it off but is there capital gain tax involved?

[JK0]

I have 1 BTL flat and another one on the way with low loan hopefully by month end which I bought via an auction. I am thinking of selling it off but is there capital gain tax involved?

If it is worth more than about £10,000 more than you bought for, then CGT is a possibility. I worry for all these folk that have umpteen properties on interest only mortgages. If they just keep up with inflation, there will still be CGT to pay on that inflation.

[cupcakeli2717]

How much is the capital gain tax in percentage?

[theartfullodger]

How much is the capital gain tax in percentage?

http://www.hmrc.gov.uk/rates/cgt.htm

But you are actually asking (but might not realise it..) what the CGT rates will be when you sell... nobody knows that ...