We are now £10k poorer...

[T_J_G]

We bought 9 months ago and Zoopla are suggesting our house is worth £16k more than we paid. Not sure how reliable that is. We did have a full central heating fitted as it had a gas boiler but Zoopla probably don't know that (or there old price thought it already had it) the house took 6 months to complete on and in tht time the mortgage rates dropped so saved £50ish a month.

Still we're staying put at least 10 years unless I come into a huge amount of money!

[dom]

We bought 9 months ago and Zoopla are suggesting our house is worth £16k more than we paid. Not sure how reliable that is. We did have a full central heating fitted as it had a gas boiler but Zoopla probably don't know that (or there old price thought it already had it) the house took 6 months to complete on and in tht time the mortgage rates dropped so saved £50ish a month.

Still we're staying put at least 10 years unless I come into a huge amount of money!

Zoopla suggests that mine has increased in value by about £8k over the last 12 months, I'm very dubious about that though.

[T_J_G]

I think we did pay under the real value of the house. But as you said Zoopla estimates seem to be a bit off.

[VW BUSH]

Most people just buy a "flat" and pretend to live there while renting it out until they have enough property that they can,
A, do it properly with the right mortages and paperwork
B, Sell it all off avoiding taxes and other costs and ride into the sun set

You could just buy a flat and rent it out, but where do you live in the mean time? Unless you are mortgage free on the house you live in, the lenders will know that it's a mortgage for a second property.

Trust me it's easier than you think, the system relys on honesty as cross checks dont happen automatically.

[Thom89]

Paid 32k for my house, its now worth well over 200k... thanking you!

Thom

[Sam]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

That's not a work around. You wont even get past a contact meeting with a financial advisor never mind a mortgage lender.


It's not possible to make up living in a premises either to allow you buy to let. Part of the application process requires submitting utility bills from across the last year or so with both partners names (assuming your a couple) along with bank statements. Anyone thinking that they can work around a system and duck and dodge checks are quite frankly, deluded.

[Bellend]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

That's not a work around. You wont even get past a contact meeting with a financial advisor never mind a mortgage lender.


It's not possible to make up living in a premises either to allow you buy to let. Part of the application process requires submitting utility bills from across the last year or so with both partners names (assuming your a couple) along with bank statements. Anyone thinking that they can work around a system and duck and dodge checks are quite frankly, deluded.

I will just add I have been accepted for a mortgage. Haven't gone through as things getting all to serious with the GF scared me off.

Did have guarantors though.

[Sam]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

That's not a work around. You wont even get past a contact meeting with a financial advisor never mind a mortgage lender.


It's not possible to make up living in a premises either to allow you buy to let. Part of the application process requires submitting utility bills from across the last year or so with both partners names (assuming your a couple) along with bank statements. Anyone thinking that they can work around a system and duck and dodge checks are quite frankly, deluded.

I will just add I have been accepted for a mortgage. Haven't gone through as things getting all to serious with the GF scared me off.

Did have guarantors though.

Well there's your answer - effectively your parents have been accepted for another mortgage.

[Bellend]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

Sorry, must have forgotten to mention it being a second mortgage. .....


twit.

You need a years worth of book keeping at the VERY MINIMUM if self employed. Going through all this at the moment. As for buy for let you need to be a property landlord currently with most companies wanting you to have a portfolio of 3+ houses, plus owning your current residential address. Whack on top a 25% minimum deposit and interest of 5% and you begin to see why it's only a viable proposition for experienced landlords and not average Joe, lots of messing about with figures and a hell of a lot of money to risk across your portfolio.

Fair enough wraps things up quite nicely.

In mine and my mates case, we're directors and employed by our own companies. It's a work around I guess.

That's not a work around. You wont even get past a contact meeting with a financial advisor never mind a mortgage lender.


It's not possible to make up living in a premises either to allow you buy to let. Part of the application process requires submitting utility bills from across the last year or so with both partners names (assuming your a couple) along with bank statements. Anyone thinking that they can work around a system and duck and dodge checks are quite frankly, deluded.

I will just add I have been accepted for a mortgage. Haven't gone through as things getting all to serious with the GF scared me off.

Did have guarantors though.

Well there's your answer - effectively your parents have been accepted for another mortgage.

Yeah and I'm willing to bet that my mates the same, 23 owns one house for him and his wife, a shop and another place to rent. I think his dads in properties though and apparently is loaded.

Seems like an awesome idea as I could easily afford the payments, I just don't want it to go tits up workwise and then my parents be lumped with it.

[clipperjay]

The only advice I can give is when interest rates are so low you pay interest only and stick the main monies into a high interest rate bond or savings.
when interest rates go up fix it then switch back to capital repayment, then liquidate the savings bond and pay off the early payment accumulation.
That way you saved on interest plus you gained interest higher than just capital draw down.
Hope that makes sense for you chaps?