Richard

Closed a deal last week for a UK Citizen / Resident in Lancs at 5.82% fixed for 30 years. 

Only available on purchase and single family dwellings. Have another couple of deals going into today but no indication rates have changed.

Normal full doc loan plus 4 independant Trade references.

Yes 60% in every State with the exception of Hawaii & Alaska.

GOM Yes always like to correct some of the rubbish and misinformation out there.

Amazing how many Brokers say it cant be done when often it is merely a matter of working out a way.

To correct a couple of posts:

1) Yes interest incurred on borrowings to renovate your IP is certainly Tax Deductible.

2) Interest charged on increasing your loan secured against your IP with the sole purpose being to pay down debt secured against your IP which was originally used to purchase the IP again is certainly Tax deductible.

Heh Steve

30 Posts and 21 of them refer to a referral to a Mortgage Broker and Property investment services.

Not bad mate what cut do you get on each sale or are you the owner ?

Perhaps contribute for a year or two first before you sell your services.

Hi GuysYou might like to contact Adam from the forum who runs a casual investor meeting night once a month in Melbourne.His email is *removed* A lot of the Melbourne members go along each month.

• This reply was modified 10 years, 9 months ago by  Richard Taylor.
• This reply was modified 10 years, 4 months ago by  Administrator.

Duplicated Post

Hi Tumu

Firstly welcome to the forum and I hope you enjoy your time with us.

Whatever you do dont listen to your Bank who certainly dont have any interest and from the sounds of it have little experience in structuring the loan for your benefit rather than there's.

Look to take an equity loan against the current PPOR for an amount of 20% of the likely purchase price plus sufficient to cover the acqusition costs. This loan will need to be in Joint names as the current Title is held Jointly.

Then in turn probably with a separate lender take out a standalone loan against the new investment property which i assume will be in your sole name.

On review you might also want to think about making your current loan interest only unless of course you intend to keep as a PPOR forever and a day and would never rent it out even if you did move.

There are some excellent investor style loans out there at the moment so you should be able to achieve an excellent rate of interest as well as no application / valuation or ongoing fees. 

Keep the securities separate and once the IP increases in valuer look to debt recyle increasing the loan to 80% of the new valuation figure and paydown the loan secured against your PPOR. Eventually the entire debt will be against the IP and you can either go again or clear the loan secured against the PPOR for good.

Your mortgage broker should be able to assist you with your options. 

I would disagree about obtaining finance in the US.

I have been involved in financing deals for UK citizens introduced to me through a Investment Property firm based in the UK for over 10 years and acting for Australians for about 6 years.

Yes it has become a little harder and many of the US lenders i deal with are no longer with us but if you want conventional finance for a standalone single dwelling it can certaily be obtained to 60% or 70% in Florida.