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  • Mortgages & Finance

    Alternative routes to finance?

    Hi Michael

    There a a reason why property is cheap in Burnley. Yes yields can be good but long term total return / capital growth aren't great. Yes there's a possibility of regeneration and low cost does attract some investors. Hope it goes well.

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    Michael Jarrett,  Nationwide is a Vanilla lender meaning they offer great rates/products but have a limited criteria in to what they will look at as they are getting enough business form the main stream vanilla stuff.

    They dont do low value properties or willing to do "accumulative value". They also enforce the six month rule so your buy-renovate-remortgage plan means you have to wait 6 months to remortgage.

    Not all lenders are like this some do lower value properties (up to £40k) and some do accumulative value and some do not require a 6 month wait after renovation.

    If you are looking at buying at £30k your options are limited to 2/3 lenders.

    You should talk to a mortgage adviser such as Bespoke Finance on 08009202001 or email hello@bespokefinance.info the team at Bespoke will be able to provide more details.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


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    I had hit brick walls trying to get a UK mortgage as an Australian citizen and resident in the UK. My Australian banks would also not offer a mortgage over a UK property. Not giving up, I found a very simple way around which the Australian banks didn't even think to mention. I was able to simply get a 'line of credit' against my existing Australian home. There are no rules with what you do with the money, and they do not care how you use it. Its a bit like a second mortgage but its not a mortgage. Simply an interest only loan over 30 years to do with whatever I choose, wherever I choose, so its great freedom. So in April last year I finally managed to make my first BTL purchase in the UK in the west Midlands. Do you have this facility in your UK banks? Just a thought anyway.

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