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brighton'd

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About brighton'd

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    HPC Newbie
  1. Do you think other lenders will follow suit now? Surely once these banks that are raising their SVRs start to rebalance the books they will all want to do it? It seems a lot of people didn't read the small print and assumed base rate meant the BofE base rate and not teh individual banks base
  2. Yes they hope the BTL will have rocketed in value and they can cash it in
  3. I am seeing them tomorrow an hope to convince them to sell both and buy within their means
  4. Not sure The flat (btl) they bought 4 yrs ago IO 90% LTV They use it for work They pay both out of salary of the one that still works The salary covers both mortgages just nothing more and they live off the others smallish NHS pension The BTL started at 800 month and now is 150 but that is up soon The other is supposed to be main residence they bought it for retiring later but don't like area so its on market They have a;ready seen one they like if it sells and I think they will be refused mrtgage this time as they are too old and too much debt. Won't listen to me though so I am asking for advice here to explain to them why they cold end in trouble if rates rise and prices fall When they bought the one they are selling both were still working
  5. No 2 completely separate areas. They use the BTL m to fri for work for the one who still does The other is just an extra (I know) They will prob live in the one they are going to buy once the other one retires and then sell the BTL hoping it still has equity
  6. I don't think they would even think of that. I personally don't get the 2 house thing but thats me I don't think they earn enough to get a repayment on the BTL as it is IO and about 90% LTV and one of them has since retired and the other retires in 6yrs How did they get into this I'll never know Think the BTL was all in house the developer and estate agent arranged the mortgage Even worse it is above commercial premises and they don't think that matters!
  7. Well there are no accounts as they have always lived in it. I just wondered if when they come to apply for porting new mortgage they may see the BTL on credit check and ask to see accounts otherwise it would be considered an outgoing? Although they bought the house they are selling when they already had BTL and no one asked them. Am concerned as they are getting on a bit and I don't want them to get into trouble (family)
  8. I am amazed at this I don't know how the banks decide who and how much to lend These people could get into hot water here I have spoken to them but I don't think they get it The agents have told them the house has gone up by about 11% since they bought it whereas land registry says they have dropped there by 10% I assume the bank check you out again? Can retired people and those 6 yrs from retirement still borrow £££££££££££? Thanks for all the info I plan to speak to them again
  9. Do you think so? She thinks I am over cautious! The main house is about 60% mortgage 40% equity bought in 2008 They plan to sell and port the loan to another property same LTV ish I think just another area I am aghast that they can as one is retired and other does work but age is a factor I am more worried about them than anything else as these houses are all they have got no savings etc
  10. So does this mean that if they were letting it and making a huge profit every month no one would no and so no tax? I can't believe teh Inland revenue don't ask BTL for accounts?
  11. Yes thats what she does She is now going to sell the weekend place and try to buy another I can't believe that the bank will port that mortgage at her age 59 to another without checking out teh BTL The btl started out IO at 800 a month it has been about 150 for the last 3 yrs but they have saved nothing and their deal ends soon I am just amazed that this is allowed
  12. I couldn't agree more! They are up to their eyeballs paying for both I just thought that maybe the bank would ask to see accounts etc but seems I was wrong
  13. brighton'd

    Buy To Let

    Hi Can someone answer a question for me? I have a friend who has 2 properties both mortgaged. One is a BTL IO and the other repayment and main home. She got the BTL based on potential rental income.Her main residence mortgage is at her absolute max in relation to salary so couldn't get 2nd place by normal means But she has never let it and uses it M to F for work and her other house at the weekends Is this allowed? Why doesn't everyone do it!
  14. You are already too late We sold at the end of March and when we dropped keys in on completion day the agent said the mini bounce was already over and the market had turned.5 other houses came on in our street after we had a sold board up and none sold yet.Prices already dropping here in teh SE
  15. Hi there have been no houses for sale in our street for years apart from last winter when a terrace sold for 225 in about September/october 08.It was a student house but new owners have done it up and it is back on for 335!!!!!!!!!!! have looked on rightmove and highest ever achieved in the street is 308 in may 07 What is going on????????Bog standard terrace with no real garden :angry:
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