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.
Click to expand...

I take it your banking on capital appreciation ?

dij said:
Money cannot be lost on this.
Click to expand...

How do you know ?
 
thewatcher said:
I take it your banking on capital appreciation ?



How do you know ?
Click to expand...
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?
Click to expand...
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!
Click to expand...

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!
Click to expand...
Past performance is no guide to future returns.
 
Why mention the chequered history in the first place if you now feel that it's not actually relevant?
 
You must log in or register to reply here.
Menu
Log in
Register