Looking for a buy to let mortgage

GMS

If the property needs work before being suitable for letting then any finance raised is likely to be expensive. Fine in the short term if it gets the job done but not something you would want to maintain long term.

So whilst it sounds easy to get the funds it is important to clarify how it will be refinanced to a more appropriate mortgage.

You living there would complicate matters, as could multi letting to students possibly if it falls into 'House of Multiple Occupancy' rules in which case you would need to make sure the correct licences and permits obtained.

You leaving the country could worry lenders too. If you are not here how can you be pursued for any arrears?

The figures stack up but you need to make sure everything else does before getting into it.

madeupname1

teame1 wrote: »

I planned to put the kitchen in the first extension but now want to extend the second extension to put the kitchen in. I also want to build a storage garage at the end of my garden.

I am curious as to why you want to borrow money to build (a) a garage and (b) an extension if your aim is to let the property. Presumaby neither of these things is necessary for the property to let out and the rest of your post indicates that you pretty much have everything else you need. Once the property has been let for a while you should presumably very quickly accumulate the money you would need to undertake the building work you want to do? Just a thought

dimbo61

There is huge demand for student property in london with 55,000 students looking for somewhere to live after all the current student property has been let!!!
But you need to do this right!! with rewire ( house empty for 7 years) new plumbing ( students want ensuite shower room) alarm/smoke alarms/ security lighting. Double glazed windows and doors, new central heating and insulation ETC
It all costs big style I know and then you may have to get a HMO licence , fire checks, gas safety certificate every year ETC
Doing the work on the house could cost far more than £50/60K

teame1

Thanks for the replies.
The money I am looking for should be way more than enough to cover what I want to do.
The work will be done in a way which covers all rental issues.
I could go for a half hearted approach to this to get it done in a will do for now way, but since I plan to be away for a few years, I want it done right the first time.
Trust me I learned alot of lessons when I did work on the house while working many years ago. Things will work out within the budget I want to lay aside. The place isn't a wreck.
It's really just ideas on how I can get the financing I need for the lowest price that I need at the moment.
I got PM'd one idea which I am about to check out. T

greatwebsite11

sorry Teame1 - [EMAIL="stuartwemyss@fsadvice.co.uk"]stuartwemyss@fsadvice.co.uk[/EMAIL]