FabSwingers.com forum: By to Let Mortgage

By (user no longer on site) OP
over a year ago

Hi does anyone know the ins & outs of buy to let mortgages?

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By (user no longer on site)
over a year ago

Your best bet would be to speak to a professional mortgage adviser. Anyone giving advice who is not recognised by the FCA could find themselves in a lot of bother

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By (user no longer on site)
over a year ago

Google.

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By *ris GrayMan
over a year ago

Dorchester

Buy to let is a common thing in Devon but not sure consult the oracle

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By *icassolifelikeMan
over a year ago

Luton

Stay with the forums!

You’ll get much better advice here than with a mortgage advisor. What do they know anyways!?

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By *aucasian GhandiMan
over a year ago

from my dad's left nut (Warwick)

"Stay with the forums!

You’ll get much better advice here than with a mortgage advisor. What do they know anyways!?"

it's like taking advice from F Book

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By (user no longer on site)
over a year ago

"Stay with the forums!

You’ll get much better advice here than with a mortgage advisor. What do they know anyways!?"

You truly are an idiot!

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By (user no longer on site)
over a year ago

Mum's over the school will give you all the advice you want

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By *icassolifelikeMan
over a year ago

Luton

"Stay with the forums!

You’ll get much better advice here than with a mortgage advisor. What do they know anyways!?

You truly are an idiot!

People should pay money for my advice.

To be fair I just remortgaged and the guy who squared it for me took £1500 for 2 days work!

How hard can it be? He just used a comparison tool.

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By (user no longer on site)
over a year ago

"Stay with the forums!

You’ll get much better advice here than with a mortgage advisor. What do they know anyways!?

You truly are an idiot!

People should pay money for my advice.

To be fair I just remortgaged and the guy who squared it for me took £1500 for 2 days work!

How hard can it be? He just used a comparison tool.

Yes, but he'll be recognisedby the Financial Conduct Authority, the point of which is to protect consumers from poor advice

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By *iltsTSgirlTV/TS
over a year ago

chichester

"Your best bet would be to speak to a professional mortgage adviser. Anyone giving advice who is not recognised by the FCA could find themselves in a lot of bother"

This 100%. you are mad if you take advice from randoms on a swinging site about fiscal matters OP

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By (user no longer on site)
over a year ago

I'm a qualified accountant and have worked for many years in FS. If you need to ask the question, it's not for you. Basically you would be paying to borrow money to buy something that after your initial cost, running expenses, financing costs and taxation is going to provide you with a worthwhile profit. Plus I haven't touched on the risks: falling values, maintenance and repairs, tenants buggering off after wrecking the place.

Stick to perving on here like I do.

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By *obilebottomMan
over a year ago

All over

Lots has changed in the buy to let market including regulation. Professional advice is a must. Some have made lots of money, others had the fingers burnt. Just do your homework amd seek all the necessary professional advice

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By (user no longer on site)
over a year ago

"Your best bet would be to speak to a professional mortgage adviser. Anyone giving advice who is not recognised by the FCA could find themselves in a lot of bother"

Just give the advice and a disclaimer and you're grand.

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By *uer MalusMan
over a year ago

Narnia

Regulations are being revised so be careful about buy to let.

We have a dysfunctional approach where tenants have far too much power and it is getting worse…

Just be careful. The mortgage alone is not your headache…

Tenants buggering your place up, not paying rent, trying to evict non-payers, trying to keep the deposit to pay for a fraction of the repair to the damages they leave the property in.

I get that some landlords are charlatans and don’t maintain properties and that some tenants need protection but OMG , tread carefully renting out your property!

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By *uer MalusMan
over a year ago

Narnia

But my experience is that Paragon is the best mortgage provider. Also look to place the property in a SPV in certain circumstances, Message me directly if you want a chat about that.

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By (user no longer on site) OP
over a year ago

"I'm a qualified accountant and have worked for many years in FS. If you need to ask the question, it's not for you. Basically you would be paying to borrow money to buy something that after your initial cost, running expenses, financing costs and taxation is going to provide you with a worthwhile profit. Plus I haven't touched on the risks: falling values, maintenance and repairs, tenants buggering off after wrecking the place.

Stick to perving on here like I do. "
possibly sound advice lol

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By (user no longer on site) OP
over a year ago

"But my experience is that Paragon is the best mortgage provider. Also look to place the property in a SPV in certain circumstances, Message me directly if you want a chat about that."
I’ll drop you a message

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"Hi does anyone know the ins & outs of buy to let mortgages? "

Now you really need to be a Ltd company not a sine trader or you get screwed on tax relief. They are generally higher rates , is it really a good time to be doing BTL with recent law changes on tax and BoE rates so high ?

I had a few it the later 90’s when Woolwich would give you multiple mortgages with no checks , it’s nothing like this anymore it’s tough. I kept one BTL to 2005 but finally sold it now im renting myself

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By *icurious51Man
over a year ago

beverley

If your thinking of doing a buy to let don’t bother the rules are changing over the next few years don’t get caught in a trap . My advice don’t do it x

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

"Regulations are being revised so be careful about buy to let.

We have a dysfunctional approach where tenants have far too much power and it is getting worse…

Just be careful. The mortgage alone is not your headache…

Tenants buggering your place up, not paying rent, trying to evict non-payers, trying to keep the deposit to pay for a fraction of the repair to the damages they leave the property in.

I get that some landlords are charlatans and don’t maintain properties and that some tenants need protection but OMG , tread carefully renting out your property!"

Near impossible to get a tenant out, I had one rip the place up cost me around £20K in repairs. She would also regularly flood the bathroom and destroy the kitchen ceiling and electrics

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By *opetop4UMan
over a year ago

Aberdeen

Sarah Beeny's book, "Profit From Property" has good basic advice for those starting out.

In my experience, if you do your own leasing, don't pay a factor and are handy on the DIY front, you'll make money.

Always choose your own tenant.

If you had a £100,000 sports car and wanted to hire it out, you wouldn't let an agency deal with it!

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By *iss.ddWoman
over a year ago

Leeds + Newcastle

It really depends if you are doing it as a 'quick' make a buck plan or a long term investment.

I have a few but I'm thinking of them as my "pension" when I sell them eventually, they'll be Mortgage free.

As long as my BTL mortgage and expenses are covered every month with a pot for emergencies,I'm happy in the short term.

Been doing it 15yr with only a couple of troublesome Tennant's but I do use a management company so I don't have to deal with them

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By (user no longer on site) OP
over a year ago

"Sarah Beeny's book, "Profit From Property" has good basic advice for those starting out.

In my experience, if you do your own leasing, don't pay a factor and are handy on the DIY front, you'll make money.

Always choose your own tenant.

If you had a £100,000 sports car and wanted to hire it out, you wouldn't let an agency deal with it!

Sound advice! Thank you

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By (user no longer on site) OP
over a year ago

"It really depends if you are doing it as a 'quick' make a buck plan or a long term investment.

I have a few but I'm thinking of them as my "pension" when I sell them eventually, they'll be Mortgage free.

As long as my BTL mortgage and expenses are covered every month with a pot for emergencies,I'm happy in the short term.

Been doing it 15yr with only a couple of troublesome Tennant's but I do use a management company so I don't have to deal with them "

It’s for the long term! And a pension plan.

I’ll review with my accountant & think about it

Thank you x

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By (user no longer on site)
over a year ago

The comments about seeking professional advice is absolutely sound. Well worth investigating if you’re thinking about a BTL mortgage.

Do you have a personal mortgage already? You have certain rights and protections built in to that. These are not present in a BTL mortgage. So the big question is could you cover the payments if the tenant doesn’t pay rent, or the property isn’t being rented? If not, you could very easily see the property get repossessed… as quickly as one missed payment.

My last mortgage was arranged through a broker, and his fees were £750. For that, I got the best advice, stress free mortgage arrangement, intervention when required to secure rates before increase, and ensuring everything was in place at the right time… well worth it. (Oh, and several day’s work including weekends and during holidays!)

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By *ust RachelTV/TS
over a year ago

Horsham

The only bit I know about a BTL, is that you can't use the system to buy a home for yourself to live in.

Bloke at work did it, his recently ex wife reported him and he got into major issues.

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By *opetop4UMan
over a year ago

Aberdeen

"The only bit I know about a BTL, is that you can't use the system to buy a home for yourself to live in.

Bloke at work did it, his recently ex wife reported him and he got into major issues."

That would be stupid to do as a BTL mortgage requires a higher deposit and is a higher interest rate!

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By *addad99Man
over a year ago

Rotherham /newquay

"Hi does anyone know the ins & outs of buy to let mortgages? "
what do you want to know how they work or transferring your house to a buy to let so really depends and id definitely get a financial advisor and accountant.also look out for 40%capital gains tax

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By *iger4uWoman
over a year ago

In my happy place

Martin Lewis site.

Then a mortgage broker.

And check for tax implications/insurances etc

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By *leasureseekers123Couple
over a year ago

Heathrow

I’ve been in the property game since 1998.

The 2 things I can definitely say are: get your advice from a professional not a swingers site.

Definitely don’t listen to Martin Lewis!

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By *0shadesOfFilthMan
over a year ago

nearby

Forget it mate

Interest rates on the rise

Capital gains threshold reduced

3% additional stamp duty on b2l purchases

Renters reform bill becomes law this year which includes:

section 21 ban

Pets allowed - in converted flats with wooden floors to piss off the neighbours

Local authority register for landlords with fees

Highest tax rises in 70 years, section 24 cant claim mortgage interest costs. Tax is on rent

Starmer on record saying Labour will be going after landlords with more taxes when they get in

Costly EPC upgrades, over two thirds properties below proposed band C minimum rating

Quarterly HMRC reporting for all business Inc LL from 2027

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By *0shadesOfFilthMan
over a year ago

nearby

"Your best bet would be to speak to a professional mortgage adviser. Anyone giving advice who is not recognised by the FCA could find themselves in a lot of bother"

Buy to let mortgages are not regulated by FCA

There is zero regulatory protection.

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By (user no longer on site) OP
over a year ago

"I’ve been in the property game since 1998.

The 2 things I can definitely say are: get your advice from a professional not a swingers site.

Definitely don’t listen to Martin Lewis!"

I will. I am only asking ppls experience

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