taff855 Posted November 2, 2010 Report Share Posted November 2, 2010 I have 5 BTL properties, I would like to expand and gain more properties. I have 80% mortgages on all properties and the rent leaves about £500 after all bills paid/ in our pockets. No high street bank will loan due to loan to value rate. What is the next option.... I'm really confused as what to do next. Gary Link to comment Share on other sites More sharing options...
Mortitia Posted November 3, 2010 Report Share Posted November 3, 2010 Hi Gary, I am afraid the market it stuck at the moment on loans for Buy to Let due to the banking crisis. There will be firms out there offering to lend but at unattractive rates and with prohibitive conditions. If you have a good track record by borrowing from one company all the time sometimes this is a way forward but 80% is too much right now. I know that Nat West are looking to lend 75% LTV for established borrowers with them at present. All we can hope is that the market improves over the coming months. Mortitia Link to comment Share on other sites More sharing options...
Reg Posted November 8, 2010 Report Share Posted November 8, 2010 Hi Link to comment Share on other sites More sharing options...
Reg Posted November 8, 2010 Report Share Posted November 8, 2010 Hi Gary, with house price falls gaining momentum (Halifax and Nationwide three month-on-month curve), the banks are doing you a favour by not lending more loosley! Sit tight or try and take a profit before the FSA tighter lending rules are introduced and unemployment rises more Link to comment Share on other sites More sharing options...
SureChecks Posted November 8, 2010 Report Share Posted November 8, 2010 Hi If you are looking to acquire more properties without the help of the wonderful high street banks there are other options to look into. Property sourcers offer no or low money down deals for BMV properties pre-packaged and ready to go. Link to comment Share on other sites More sharing options...
Mortitia Posted November 9, 2010 Report Share Posted November 9, 2010 And what expereince do you have of using such methods? Mortitia Link to comment Share on other sites More sharing options...
Chestnut Posted November 9, 2010 Report Share Posted November 9, 2010 Taff, If you're expecting high street banks to lend you money, I hope it's not mine!! If it is, what's in it for me? Link to comment Share on other sites More sharing options...
Mark Warren Posted November 13, 2010 Report Share Posted November 13, 2010 Gary, Forget the High Street Banks and forget buying in your own right at the moment. The market is tough and the best way for you to move forward is to do some property trades and get some cash down on your side. I have been buying sites for clients since 1987 and the last two years have seen us move away from the mortgage market almost completely. I have many clients in exactly your situation and they are getting together and asking me to find units for them that have a big uplift on a short time frame. Big benefit is that there are some seriously good bargains to be had at the moment..but as the old saying goes "It is easy to make money when you have it" Good luck Mark Warren Jenner Property Services Link to comment Share on other sites More sharing options...
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