Love the video my man. Could you tell me how you managed to get a morgage so quickly prior to auction and were there issues regarding time scales & costs and also were thier any morgage penalties when refinancing after 6 months?
How were you able to remortgage right away after taking out an initial mortgage on the property?Don’t you usually have to wait a period of time ( fixed for 2 years etc) or did you use a variable interest only mortgage to start with? Congrats on the purchase
Same Question here .. would be interesting to find out what type of mortgage product you took out as typically investors use bridging loans.. I believe you may of had also missed out the monthly costs incurred for x4 months with the mortgage, unless that got consumed into the reno figure of £18.750K stated. Wasnt clear. Also, whats the point of even getting a survey post transaction ? Unless you took ur chances and got it before the auction regardless of whether or not u won it.
Could you explain why your monthly loan payments after the 75% LTV mortgage stayed the same? Also, being that you're doing it under your personal name, what do you do tax wise?
@@jayeezy7410 good point on the refinance mortgage setup fees/costs. With the early repayment charges most tracker mortgages won't have any early repayment charges. With income tax He'd have probably have bought the place through a limited company so paying corporation tax on the income of 19% and using the profits to get the next place rather than withdrawing.
ApnaJ investing his RUclips earnings wisely! Big up!!
I love this comment 😂😂😂
Let’s go guru 🔥
Thank you Justin 👊🏽
🎉👏 great video bro! 😎
Thanks Mate 👊🏽
Great video Guru!
Thanks Amy 👊🏽
Great video mate 👍
Thank you Gary
Amazing video❤
Thanks Mate
Where do you look for properties?
Auction
Really good video
Thanks mate
Love the video my man. Could you tell me how you managed to get a morgage so quickly prior to auction and were there issues regarding time scales & costs and also were thier any morgage penalties when refinancing after 6 months?
How were you able to remortgage right away after taking out an initial mortgage on the property?Don’t you usually have to wait a period of time ( fixed for 2 years etc) or did you use a variable interest only mortgage to start with? Congrats on the purchase
Thanks for your comment, I remortgaged within 7 months... I had to pay the early repayment charge which i forgot to mention.
@ that’s a pretty hefty fee usually. Didn’t it cut a lot of profits
@@rhysnewton yeah how much was the fee? 2k minimum for sure
Same Question here .. would be interesting to find out what type of mortgage product you took out as typically investors use bridging loans..
I believe you may of had also missed out the monthly costs incurred for x4 months with the mortgage, unless that got consumed into the reno figure of £18.750K stated. Wasnt clear.
Also, whats the point of even getting a survey post transaction ? Unless you took ur chances and got it before the auction regardless of whether or not u won it.
You did a great job refurbishing the property to add 30k to its value. with 100k costs
how long did the refurbishment take?
It took under 4 months
@@propertiesbyguru cheers for the reply bro how many hours did you spend doing it?
Pardon the questions but I'm keen on following
do you not have to pay tax on rental income?
Its under a company, so got to pay corporation tax.
Could you explain why your monthly loan payments after the 75% LTV mortgage stayed the same? Also, being that you're doing it under your personal name, what do you do tax wise?
Its under a company name, and the monthly payments are £414.
Did you get a bridging loan to start?
mortgage.
Where is the income tax costs??? Where is the holding costs for paying mortgage whilst property being refurbed??? You are missing a few costs
I added the holding costs. I didnt include income tax, as these numbers are pre-tax
@@propertiesbyguru how much is it after income tax??? you didnt include early repayment charge also for refinance, how much was that???
@@jayeezy7410 good point on the refinance mortgage setup fees/costs.
With the early repayment charges most tracker mortgages won't have any early repayment charges.
With income tax He'd have probably have bought the place through a limited company so paying corporation tax on the income of 19% and using the profits to get the next place rather than withdrawing.
@@Call_Centre_Conversations thanks