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Ben Stark · 17-08-2012, 01:10 PM

Hi,

I'm not sure if this is in the right section but can any one recomend a good mortgage adviser in south west London. Any help would be greatly appreciated.

Thanks.

Adam Hosker · 17-08-2012, 02:57 PM

You can use a National Mortgage Broker such as Bespoke Finance, if you want to sit down with someone in London area then I can recommend:

Mortgages for Business:
London Office
53/55 High Street
Sevenoaks
Kent TN13 1JF

They like Bespoke specialise in Landlord Finance.

Kevin Wright · 18-08-2012, 09:20 AM

nice one Adam

MFB are good but its the wrong side of London possibly for Ben

Ben, by your question do you mean that you set great store in being able to meet with your mortgage broker face to face?

Some general tips....

Avoid estate agency brokers....they are often not independent whole of market, are rarely experienced in buy to lets, are committed to their job, not their clients, are likely to have moved on next time you need a mortgage.

Check what sort of mortgage business a broker mostly writes, if it isn't BTL, they are less likely to understand the nuances of the BTL market.

Are they a landlord themselves? If so they will understand a lot more about where you are coming from

Attending property meets in your area is a good place to find landlord focused mortgage brokers Ben...do you visits those meets in your area?
.

Ben Stark · 18-08-2012, 10:07 AM

Adam thank you for the advice so far.

Kevin,

I'am a total newbie to property and I don't realy have any idear what I can actually purchase with my current finances. My thought process was to possibly meet with a moratage adviser to see where I stand and what I can purchase with the capital I have.

I have been told to stay away from estate agents, and would like to meet with a broker face to face, I'd feel it to be more beneficial to gauge a person under those circumstance's.

Currently I haven't been to any local property meets.

Thank for the input so far.

Ben.

Kevin Wright · 18-08-2012, 10:36 AM

I'am a total newbie to property ....does that mean you dont currently own your main residence and don't own any property at all, or you do but have not bought any investment properties yet?

I don't realy have any idear what I can actually purchase with my current finances ....the threshold for most BTL lenders is a minimum provable income of £25,000 pa, then it is down to the rental income a property produces. If it is to buy your main res, then it is strictly on the income you can prove you earn.

what I can purchase with the capital I have ....as a first time landlord a BTL lender will require a minimum 25% deposit.

Currently I haven't been to any local property meets. ....as a 'newbie' attending property meets should be a priority. You can meet other investors, from newbies like yourself to experienced landlords. This will be one of the most cost effective ways to fast track your education. Google property meetings in your area, you should find more then one to attend. Go along every month, learn and meet some great people

Ben Stark · 18-08-2012, 11:36 AM

I'm currently renting but maybe moving back to my parents house which will help free up some money.

I think your right and a property meet would be a good start.

I'm currently taking advise from my father who does have a portfolio. But at the moment he is having some difficulties with his buisness partner.

Thanks.

Kevin Wright · 18-08-2012, 12:55 PM

Trying to buy an investment property when you don't already own your own is going to severely restrict the number of BTL lenders available to you. Most, if not all, of those left will ignore the rental income and just focus on your earned income much like if you were buying your own house. So having a significant personal income will be vital.

Good luck

Ben Stark · 18-08-2012, 01:36 PM

Ok. I dont plan on buying my own property for the forceable future. I would be inclined to move back to my parents house, and start buying property for investment purposes.

Do you think this will be feasible?

Kevin Wright · 18-08-2012, 02:42 PM

feasible possibly...easy, no...for the reasons I stated previously, only a minority of BTL lenders will consider lending to you

Lynne Davis · 18-08-2012, 04:42 PM

You could consider buying a place with at least one spare bedroom, making it your principal private residence (just take the smallest room - you don't actually have to spend much time there!) and taking in a lodger or two. The purchase would eat up your deposit, of course, but would get you a foot on the property ladder and hopefully the lodgers' rent would cover most/all of the costs and maybe even give you a small profit (to add to your other income) towards building up the next deposit.

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