First time buy to let - light refurb mortgage suggested

Posie1972

Thanks Holly Hobby, so as I am looking to only borrow approx 45% LTV (I think??) then I should be fine? And still have my savings to pay for a shiny new kitchen? So if it has to go to refurb mortgage, its not the end of the world...hurrah! Thats assuming I'm understanding correctly of course....I have done my homework on this, even though I'm sounding a bit dim! Thanks everyone.x.

The_J

Posie1972 wrote: »

Thanks Holly Hobby, so as I am looking to only borrow approx 45% LTV (I think??) then I should be fine? And still have my savings to pay for a shiny new kitchen? So if it has to go to refurb mortgage, its not the end of the world...hurrah! Thats assuming I'm understanding correctly of course....I have done my homework on this, even though I'm sounding a bit dim! Thanks everyone.x.

Speak to the adviser tomorrow and see if he thinks an alternative option might be available. He'll have all your details and given that TMW are a bit flexible on criteria there may be a reason for that.

Another lender may not have a refurb type product in which case if the surveyor says yes then it's a go.

holly_hobby

Hi Real,

I always state, esp re tax issues, that indepedent one to one professional advice should always be sought.

And as I have said before a free open forum such as this (or any other) is great for free general guidance, and that it should be used in the context it is given - either from industry professionals, peeps who have been through the same situation, or lets say "enthusastic helpers" :j.

In that you are unable to take anything as accurate or on face value .... as it is faceless medium - and if the data is incorrect, inaccurate or just plain silly - the implications of one acting on it without professional verification will have no finanical, professional or personal implication on anyone but the indvidual who acted on it.

Of course everyone's input is valued and should be treated with respect, but its important to remember that not everyone may be as honest about their experiences and knowledge as others :cool:

So always get as much opinion as possible, and then book yourself an hour with a prof adviser (you already being a little ahead of the matter, in having basic comments from a range of indviduals) .

Hope this helps

Holly

holly_hobby

Posie1972 wrote: »

Thanks Holly Hobby, so as I am looking to only borrow approx 45% LTV (I think??) then I should be fine? And still have my savings to pay for a shiny new kitchen? So if it has to go to refurb mortgage, its not the end of the world...hurrah! Thats assuming I'm understanding correctly of course....I have done my homework on this, even though I'm sounding a bit dim! Thanks everyone.x.

You're not dim at all ....mortgage criteria can be confusing to brokers let alone the layman !

Don't forget we're are looking at falling within max LTVs on the CURRENT (ie pre works) valuation.

I haven't looked at the rates or charges on their current refub deals - but obv if higher than a std BTL, we want to try and get you on that intead of the LRBTL deal currently being looked at (considering the apparently light amount of modernisation that needs completing).

And don't forget your broker is there to help you, not only submit the app etc, but to guide and advise you throughout the whole process (and beyond if they're a good'un, and also like repeat business and referrals !)

H x

Posie1972

Yep, for sure, will be speaking to my mortgage advisor, have left some further info with him so will let him get on with that and speak to him in the next couple of days. It all happened a bit late in the working day today so I didn't have a chance to get to grips with it all. I'm feeling much more positive now though, its not the end of the world if I do have to have refurb mortgage, thank you so much for all your helpful advice.

holly_hobby

Pleasure my dear !!

Do let us know how you get on

H x

angelsmomma

TMW did this on a house I was trying to purchase last July. After the survey they said I could no longer have the 75% mortgage at the interest rate previously offered. As Holly said they reduced the offer to 65% and increased the interest rate by 1 %.

This made the purchase too much so I walked away losing the survey and searches fee. I then purchased a cheap repo property using them which in my opinion needed a lot more work doing but they gave me the first deal at 75% no problem.

holly_hobby

The_J wrote: »

I've got a short fuse and very little patience :rotfl:

We certainly all have our different styles, some are bluntly direct, some more "fluffier" than others (that'll be us girlies & the lovely Kings.) ... but the most important thing at the end of the day, is that constructive guidance (& not just a wrist slapping even if the OP has been foolish) is given to the OP - however we may choose to phrase it (with no swear words or heckling mind !! :eek: ).

Holly x

Thrugelmir

The_J wrote: »

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.

Well I read the OP's and understood the issue. Hence my initial comment. I merely googled the TMW site when you again trolled me.

I had no wish to embarass you, just made sure the facts were correct. As there was no other explanation that I could foresee.

The_J

I'm not going to get into what you did, it's quite clear and I don't want to be seen as harassing you. Personally I think you bring a lot to the forum and the tough love style, especially for debtors, works.