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I have just joined PT, and it looks very helpful. I am a doctor by profession. Looking into entering property investment business. I am looking to invest £40 K towards BTL property in Leicester or surrounding area. I have very limited knowledge in property investment.
Any advice on obtaining cheaper BTL mortgage would be very helpful. Also is buying BTL in or around Leicester is it a good idea? Or should I look somewhere else?
I also have good equity(>300K) on my flat in London, which is let out professionally, any advice on how to obtain loan from property equity towards buying another property please.
I look forward to any advice. Many thanks in advance.
Hi JP and welcome to the tribe.First of all, it would be advisable to get the finance in place. If you speak to the team at Property Tribes Financial Services on 01206 654444, they will assist you with ensuring you have the most efficient mortgage products for both your London flat and your new purchase. With £300K of equity, you should be able to release some, either by what is known as a "further advance" from your current lender, or by under-taking a remortgage to a higher loan to value BTL mortgage. This will mean, that once you have redeemed your current mortgage, the difference will be cash in hand to use towards another property.A very low risk way to get started in property, and one that I would advise with your situation, as being a busy doctor your time to devote to this will be limited, is to buy a tenanted property.Benefits of buying a tenanted property
You have rental income from day one of ownership, you can view how the tenant is living in the property and check how they are treating it, and you can check the payment history of the tenant to see if they pay on time each month. You can also enquire how long they intend to stay for.Overall, keep it simple and look for a quality house in a good street with a family who have their children in school. Hope that helps for starters and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Vanessa for a very prompt response. Will definitely look into rebates properties.
You have good equity in your London flat so there are options there to refinance or where appropriate a further advance. Also you may be able to use your own home to raise funds as the interest rate will be lower (and still tax deductible). I don’t know enough about your personal circumstances and no doubt there are other things to consider. (*Moderator note: Content removed*).
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Welcome and excellent news that you are looking to invest!
Also is buying BTL in or around Leicester is it a good idea? Or should I look somewhere else?- If Leicester is where you want to invest go for it, in my opinion there is great investment opportunities in any area, it’s all dependent on what personally the investor AKA yourself is looking for.
Even though your flat in London is professionally let you have got your foot in the door already.
What return are you looking at on the property or are you looking for capital growth?
Here are a few examples of what potential returns you can achieve in Leicester
If you have any further question please don’t hesitate to ask.
As Vanessa says, buying a tenanted property can significantly de-risk your investment strategy. Vesta Property is an online marketplace dedicated to helping landlords buy & sell tenanted residential investment property. We have properties across the country including individual houses, apartments, HMOs, student accommodation, portfolios and blocks.
Feel free to check us out! You can find a number of properties in the East Midlands by clicking here.
Kind regards and good luck!