Similar forum in the North?

D

dij

Guest
Is there one? Need advice. Talked to various brokers over last 12 months. Want to remortgage old house (rented long-term to sister) to 80%, then obtain another 80% mortgage for ourselves (currently renting), to buy and sell new-builds on around 2 year rotation.
Chequered history but prepared to pay high rate for a few years! Self-employed, no proof etc. Current broker into month five. All brokers say no problem but then take months stalling! Money cannot be lost on this, is there no-one who will lend on figures alone?
 
Similar to what? AAM or something else? Does The UK Motley Fool site cover NI personal finance issues?
 
dij said:
Want to remortgage old house (rented long-term to sister) to 80%, then obtain another 80% mortgage for ourselves (currently renting), to buy and sell new-builds on around 2 year rotation.
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I take it your banking on capital appreciation ?

dij said:
Money cannot be lost on this.
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How do you know ?
 
thewatcher said:
I take it your banking on capital appreciation ?



How do you know ?
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Yes, capital appreciation in first two years on an early deposit new build. I have researched over 20 in last 3 years in the 100-150k range, and the worst return was still around 15k in just over a year!
 
Also the small matter of 20% deposit along with the appreciation! I'm not aware of any crash in the last 30 years causing zero appreciation on a new build plus a loss of 20% in value, are you?
 
GeneralZod said:
And hence the Chequered history?
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Chequered history refers to a couple of mortgage payments missed in conveyancing confusion, and a couple of missed credit card payments while on extended holiday. A total in the £100's not £1000's! Less judgemental comments would be appreciated!
 
dij said:
Yes, capital appreciation in first two years on an early deposit new build. I have researched over 20 in last 3 years in the 100-150k range, and the worst return was still around 15k in just over a year!
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But sure if you have to borrow the money you have to pay interest on it and as you say you have a bad credit history that probably means a sub prime lender which means even higher interest.

If your saying the worst return has been 30% over 3 years and your expecting another 20% min over the next 2 years ?!!I presume you think your going to put down deposits on a no. of properties and when there finished you'll make a fortune.

How do you pay back the loans while your waiting for the properties to finish ?What happens if there is delays ?What happens if the market turns ?

Sounds like another crazy get rich quick scheme to me
 
dij said:
Yes, capital appreciation in first two years on an early deposit new build. I have researched over 20 in last 3 years in the 100-150k range, and the worst return was still around 15k in just over a year!
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Past performance is no guide to future returns.
 
dij said:
Chequered history refers to a couple of mortgage payments missed in conveyancing confusion, and a couple of missed credit card payments while on extended holiday. A total in the £100's not £1000's! Less judgemental comments would be appreciated!
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Why mention the chequered history in the first place if you now feel that it's not actually relevant?
 
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