First time buy to let - light refurb mortgage suggested

The_J

No worries, sorry for confusion.

Thrugelmir, are you a financial advisor? You don't come across like one to the experienced eye but I can see how you would to the inexperienced one which is dangerous. Plus you are wrong a ridiculous amount of the time.

Posie1972

So which one of you is right!!? I've gone from confused to verrrrryyy confused!

The_J

I'm right. Thrugelmir needs bringing down a peg and all the other advisers on here, who know he is full of !!!!, are too nice to say anything.

I, on the other hand, am a !!!!!!! and will call a spade a spade.

I've edited my post so it reads better, it does depend on how much work they think needs doing but assuming it's not absurd (sounds fine) then it won't be needed.

real1314

The_J wrote: »

No worries, sorry for confusion.

Thrugelmir, are you a financial advisor? You don't come across like one to the experienced eye but I can see how you would to the inexperienced one which is dangerous. Plus you are wrong a ridiculous amount of the time.


The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. If in doubt, seek professional advice.
List of users whose advice I endorse and you can trust: DaveHam,ILW,ACG,betmunch,dunston,GMS, Dvardy,opinions4u,kingst.

Can I ask (going off topic) on what basis are you able to endorse any of these people? Have you met and vetted their credentials in some way?
And why would your endorsement have any standing?
On what basis can you claim that they can be trusted? :cool:

The_J

real1314 wrote: »

Can I ask (going off topic) on what basis are you able to endorse any of these people? Have you met and vetted their credentials in some way?
And why would your endorsement have any standing?
On what basis can you claim that they can be trusted? :cool:

I have read a number of their posts on this website. Most of them I can tell immediately that they are experienced in their field (based on their answers to obscure problems that you would only understand after advising for a number of years).

Obviously I can only endorse them in this respect and no post on here should be seen as advice but still, when you have people on here providing "advice" with no experience in the industry which is often wrong, out of date and misleading it could ultimately end up being costly or create undue worry and stress. I'm not sure why some people feel the need to comment on something of which they have no experience, I have seen those people comment on areas where they do have a firm understanding and experience and they do bring something to the website.

It's people like me who have to deal with bad advice given by family, friends, online commentators and I can see the damage done.

holly_hobby

Posie1972 wrote: »

So which one of you is right!!? I've gone from confused to verrrrryyy confused!

The light refurb has been cited as appropriate, in reference to general updating and the kitchen being by the sounds (very, very) dated, ie not fully fitted out as modern kitchens are ..... which in its current state will obviously have a negative impact on the max achieveable rental income and/or its speedy letting to the market in general.

What TMW criteria is saying are that they will pre-works lend max 70% LTV (65% FTB) of the current value, but post works (and subject of course to a re-inspection (& fee) and sufficient supporting rental income assessment),you may apply to increase your borrowings to 70%(65%) of the REVISED post-refub valuation.

Of course, if the cost of the kitchen etc, is already taken account of in your budget, and you don't need or want to recoup the cost out of the property itself, then of course you don't HAVE to apply for any re-inspection etc and can leave things as they are - although moving to a mainstream product asap (o/s of any ERP of course, or at a rate good enough to negate the impact of the penalty) would obviously be advantageous to reduce mge interest - albeit mortgage interest at any rate is a permitted deduction from your BTL HMRC returns (subject to HMRC regs & any future issues arising re max cap raising and permitted interest deductions - which is for another day !).

Hope this helps ... good luck .. !

Holly

The_J

Spot on holly, far more eloquent than I could ever be. If there was space in my list I would add you as you've been bang on the money all day.

real1314

The_J wrote: »

I have read a number of their posts on this website. Most of them I can tell immediately that they are experienced in their field (based on their answers to obscure problems that you would only understand after advising for a number of years).

Obviously I can only endorse them in this respect and no post on here should be seen as advice but still, when you have people on here providing "advice" with no experience in the industry which is often wrong, out of date and misleading it could ultimately end up being costly or create undue worry and stress. I'm not sure why some people feel the need to comment on something of which they have no experience, I have seen those people comment on areas where they do have a firm understanding and experience and they do bring something to the website.

It's people like me who have to deal with bad advice given by family, friends, online commentators and I can see the damage done.

See, that seems like poor judgement to me. You are forming an opinion from very little information and making a recommendation. In fact you even claim to be able to tell "immediately".

You are in effect claiming "I know what I'm talking about {which is an untested attestation} and they are good advisers {which is also untested by you in any substantive way}"

You haven't made any attempt to justify your statement that they can be trusted.

:cool:

holly_hobby

Ooh ... your kind words have made me blush Mr J ... :D

H x

The_J

real1314 wrote: »

See, that seems like poor judgement to me. You are forming an opinion from very little information and making a recommendation. In fact you even claim to be able to tell "immediately".

You are in effect claiming "I know what I'm talking about {which is an untested attestation} and they are good advisers {which is also untested by you in any substantive way}"

You haven't made any attempt to justify your statement that they can be trusted.

:cool:

I think any true financial adviser on here would be able to tell immediately whether someone was in the industry or faking it. Just because you don't believe it, doesn't make it less true.

Substantive is purely relative as is trust on an internet message board but everyone in my signature provides consistent, accurate, timely and well explained advice in every post I see. Does my recommendation matter? No. Have they sought my recommendation? No. Might it help someone filter through the posts to find the best advice? Hopefully.

In fact, I'd never admit it, but most of the people in my signature (+holly) are far better at this than I am. I've got a short fuse and very little patience :rotfl: