The withdrawal of these mortgages is a worry for the recent investor like me. Our investment model is generally based on getting 85% mortgage products! I could not have got into Buy to Let in the first place without it. Basically because I started with such little amount of money. For those with a large bank account this is not such an issue!
I do not want to see this product dissappear altogether. Even if it does not dissappear I can see that it could suddenly get more expensive.
Yet more fall-out from the so-called 'credit crunch'!
The Buy-to-Let Blogger
Advice on UK Buy-to-Let, Buy-to-Let Deals, and Buy-to-Let Mortgages
(Our only true advice is that you should always take professional advice before investing, treat any 'advice' on this Blog purely as information and not a substitute for professional advice.)
Monday, 31 March 2008
Sunday, 30 March 2008
Another tenancy ends in tears!
Recently I let out a property and all seemed to be going well. Money was coming in and there was not signs of problems. Then, after a busy day sorting out general letting isssues, I got a phone call to say that one of the tenants has threaten to 'trash' my property after having been arrested for assault on his partner! Talk about a bolt out of the blue!
I rang the police for advice but they said that the co-tenant would need to testify to the threat and not me. I contacted her but she did not seem to think this was necessary but told me that she was leaving anyway!
So I am left with a tenant that appears to be a little crazy. Looks like this could be another big hit on my funds that should be used to pay off the buy-to-let mortgage deal!
I am sure there will be other posts on this issue...unfortunately!
The Buy-to-Let Blogger
Advice on UK Buy-to-Let, Buy-to-Let Deals, and Buy-to-Let Mortgages
(Our only true advice is that you should always take professional advice before investing, treat any 'advice' on this Blog purely as information and not a substitute for professional advice.)
I rang the police for advice but they said that the co-tenant would need to testify to the threat and not me. I contacted her but she did not seem to think this was necessary but told me that she was leaving anyway!
So I am left with a tenant that appears to be a little crazy. Looks like this could be another big hit on my funds that should be used to pay off the buy-to-let mortgage deal!
I am sure there will be other posts on this issue...unfortunately!
The Buy-to-Let Blogger
Advice on UK Buy-to-Let, Buy-to-Let Deals, and Buy-to-Let Mortgages
(Our only true advice is that you should always take professional advice before investing, treat any 'advice' on this Blog purely as information and not a substitute for professional advice.)
Thursday, 20 March 2008
Valuations, valuations, valuations!
You may recall how I had put in for nine buy-to-let remortgages but only four came back at what I considered to be a realistic market value. Well, I did try to get my own surveyor to put a letter together and do some valuation research to 'prove' that the properties in question were worth more. Did this work? NO!
I could not get them to admit they were wrong! However, they through me a lifeline by saying that the only way to get another look at it would be to request a re-valuation. This sounded interesting because they had said that my surveyors data included some sales that were made after they had done their comparables work. So I thought they may be hinting at something here and I took their 'advice'!
Anyway, I just booked one revaluation to see how it would go and so far so good as this came up to full expected valuation! Previously it had been way off the mark! So I am progressing a remortgage on this right now, this should save me about £60 per month compared to what I am having to pay now on a standard variable rate deal.
The Buy-to-Let Blogger
Advice on UK Buy-to-Let, Buy-to-Let Deals, and Buy-to-Let Mortgages
(Our only true advice is that you should always take professional advice before investing, treat any 'advice' on this Blog purely as information and not a substitute for professional advice.)
I could not get them to admit they were wrong! However, they through me a lifeline by saying that the only way to get another look at it would be to request a re-valuation. This sounded interesting because they had said that my surveyors data included some sales that were made after they had done their comparables work. So I thought they may be hinting at something here and I took their 'advice'!
Anyway, I just booked one revaluation to see how it would go and so far so good as this came up to full expected valuation! Previously it had been way off the mark! So I am progressing a remortgage on this right now, this should save me about £60 per month compared to what I am having to pay now on a standard variable rate deal.
The Buy-to-Let Blogger
Advice on UK Buy-to-Let, Buy-to-Let Deals, and Buy-to-Let Mortgages
(Our only true advice is that you should always take professional advice before investing, treat any 'advice' on this Blog purely as information and not a substitute for professional advice.)
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