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As we constantly state on Property Tribes, finance is the lifeblood of any property business. Without it, you are literally dead in the water.Many people spend thousands on education, then go and invest months in determining their strategy, only to find that they cannot access financial products to achieve their goals.Therefore, a conversation with a reputable mortgage broker should always be the first port of call, before even looking at a property deal. Getting the finance in place FIRST gives you clarity on what strategies you can undertake with your personal starting point and financial circumstances, and also puts you in a stronger negotiating position.At the Landlord Investment Show, we spoke to Daniel Standing of PT partner Shawbrook Bank, to chart the landlord finance journey and to find out how Shawbrook supports that:
As mentioned in the video, Property Tribes Financial Services are here to support the PT community in getting finance for their projects, and the team can be contacted on 01206 654444.A reputable mortgage broker is worth their weight in gold and can support landlords in achieving their property ambitions.SEE ALSO - STOP! Don't pay for property education or mentoring until you have watched this!UP NEXT - Graham Rowan's "Investment Fundamentals" blue-print to wealthDON'T MISS - Benefits of using a broker for BTLNOW WATCH:
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**
My advice is get the advice as soon as possible
I am doing a purchase at present and the information your broker will need will be extensive
You will make your broker's job easier and cause yourself less stress if you do a check list
You really need a strong paper trail
Once you have a decision in principle, you can then start your property journey
As the scouts say - "be prepared" to jump through the hoops of lenders' requirements ...
And be honest with your broker If you have CCJ or bad debts advise them of this too
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
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It's certainly important to be as up front as possible with your broker. But I also think it's worth mentioning that a skilled and experienced broker will often be prompted to ask borrowers for further information when their experience tells them to probe further whereas a less able broker may just take everything at face value and then run into problems further down the line when more info comes out of the woodwork. The performance of the broker is key to swift and successful applications.
Slowly working towards financial freedom
It varies, I think some brokers still routinely charge fees, others don't. We normally don't, we can usually rely solely on payment from the lender.