Hi I have three investment properties in London and have always used a Buy to Let mortgage with the same finance provider. However there is a limit of £1,000,000 that any one can borrow. As I want to grow my portfolio and buy more properties I would like to access other means of finance. How can a private person do this? Should I be thinking of taking out commercial loans instead? these questions relate to the Australian property market only.
i teke it you are now in Australia and have no funds here?? All you need is to peel out some pounds and convert them at 2.5/1 into aussie dollars, then go get a loan.
This seems to basic, have I missed something??
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Originally posted by Lainy:Hi I have three investment properties in London and have always used a Buy to Let mortgage with the same finance provider. However there is a limit of £1,000,000 that any one can borrow.
Hi Lainy,
The key point here is that your are limited to 1 mill pounds with a single lender.
I suggest you speak to a broker and see what they can do in terms of getting funds from other lenders.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
There may be limit because of LMI. try to get loan from lenders who don’t use LMI for low LVR.
Cheers
PropertyGuRu [sultan]
Mortgage Consultant
[email protected]NZ loan pre approval from Australia in 48 hours
I would look at exploring all your options with traditional lenders via a Mortgage Broker before contemplating other costly means of finance.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
what do the terms LMI and LVR stand for please?
When assessing the suitability of a property to lend money against that is going to be let out, do the finance companies need to see evidence of the future rents too or are they basing it on whether you as an individual are good for the risk?
Never heard of the concepts of swaps before in the UK. Does the company you are borrowing the mortgage from need to know that you are going to swap it on?
LMI is loan mortgage Insurance. you pay this on behalf of your lender to an insurer to cover them if you default.
LVR is loan to value ratio which is the percentage of equity you hold in the properties.
Hope this helps
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!
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