property investment company want my HMO

SpiderLegs

snickpan said:

dimbo61 said:

Well with a 50% deposit the BTL mortgage rate you quote is terrible.
I was quoted 2.23% fixed for 5 years ( before Covid19) on 75%ltv 
So having put down a £50000 deposit your only paying £332 mortgage each month.
Not sure where you live but £100K will buy a nice terraced house around here.
With other costs Landlord insurance, Extra stamp duty, buying costs, repairs and maintenance you might make £100 a month before the new tax rules hit higher rate landlords really hard

I think you're talking about a good deal on a buy to let, but I'm trying to work out how this 'investor' can re-mortgage £700K on a £550K property

If you’re trying to work that out, why did you post a link that shows nothing of the sort?

snickpan

GDB2222 said:

Does this investor have any track record of actually doing what he's talking about? Or, has he been to an expensive property investment seminar, and come away with all sorts of ideas that don't work in practice? Perhaps he'll start the work, then find he can't refinance, and simply walk away. How much deposit is he proposing to put down before you let him loose on your property? 

Not too much experience, been going 3 years, done a few transactions.  Mentioned a 10% deposit, plus covering my outgoings while he renovates, not sure if can 'walk away', if we've exchanged contracts.

GDB2222

snickpan said:

GDB2222 said:

Does this investor have any track record of actually doing what he's talking about? Or, has he been to an expensive property investment seminar, and come away with all sorts of ideas that don't work in practice? Perhaps he'll start the work, then find he can't refinance, and simply walk away. How much deposit is he proposing to put down before you let him loose on your property? 

Not too much experience, been going 3 years, done a few transactions.  Mentioned a 10% deposit, plus covering my outgoings while he renovates, not sure if can 'walk away', if we've exchanged contracts.

Well, he can’t, but whether it’s worth suing him is another matter. 

davidmcn

GDB2222 said:

snickpan said:

GDB2222 said:

Does this investor have any track record of actually doing what he's talking about? Or, has he been to an expensive property investment seminar, and come away with all sorts of ideas that don't work in practice? Perhaps he'll start the work, then find he can't refinance, and simply walk away. How much deposit is he proposing to put down before you let him loose on your property? 

Not too much experience, been going 3 years, done a few transactions.  Mentioned a 10% deposit, plus covering my outgoings while he renovates, not sure if can 'walk away', if we've exchanged contracts.

Well, he can’t, but whether it’s worth suing him is another matter. 

And as queried above, it depends what this (presumably non-standard) contract actually says.

blue_max_3

Ask to see the contract or a typical one. Might be very revealing.