Let my house - buy another

Brandy0

holly_hobby wrote: »

You need to research your market and target audience, demand and potential for continual let - which is your friends realm as they will know the area.

Holly x

Yes, this is why he doesn't think it needs managing. It's in a decent area and close to tube/shops. He said th only thing that would be beyond my control would also be beyond his - like tennants not paying etc. That's why I really need to be able to use a formula.

KINGSTREET - Sorry, what are you talking about TMW? Completley lost.

And do you guys all know each other?

drummer_666

holly_hobby wrote: »

Rental income at 125% is in relation to the TOTAL mge commitment (interest only or C&I), not just the interest element.

Of course if the mge is wholy interest only, then yes the rental income at 125% only has to cover the interest element, as thats the mge repayment method in any event.

Remainder of the post is alittle confusing... Or are the figs of 115k in relation to how the equity released will be used

hmmm ok, get the BTL on interest only, but make overpayments if there's concern you might not get 125% of a repayment mortgage

Na, wasn't factoring rental income in. The 115k was in relation to how the equity could be used.

kingstreet

Brandy0 wrote: »

KINGSTREET - Sorry, what are you talking about TMW? Completley lost.

And do you guys all know each other?

I was replying to one of holly's posts about the difference in treatment of a buy to let and if it was different for a repayment mortgage, compared to interest-only.

TMW is one of the leading lenders in the BTL sector.

We regularly post in the same threads on the same subjects, so we tend to add to what someone says to make the answer fuller if able to do so without contradicting them.

holly_hobby

TMW is just shorthand for "The Mortgage Works" (whom are a specalist lending arm owned by Nationwide BS), and are just one of a number of lenders whom operate in the Buy To Let market.

As Kingstreet says, there are a number of us whom are mortgage and/or finanical adviors, whom comment on threads where we can be helpful and have qualified knowledge, as Kings says we all tend to pop up together on various threads, and comment or expand on a point already made by A.N.Other - and although we don't personally know each other, we're all pretty friendly and supportive of one another on the board.

Hope this helps

Holly