Mortgages are shite!!

[Born Hunter 17,910]

1 minute ago, low plains drifter said:

I've sometimes wondered if you were a choirboy with a crowbar, and an accomplice with a mid wheel based transit van

I have no idea what that means  I have in the past owned a van or two though

[low plains drifter 11,216]

1 minute ago, Born Hunter said:

I have no idea what that means  I have in the past owned a van or two though

Picture in your minds eye this

A church in the early hours of the morning haunted by two shadies attempting the illicit removal of a large heavy and potentially highly noisy vintage keyboard type jobby

You know ?

 

[Squirrel_Basher 17,102]

Advice .Never ,ever remortgage to gain capital .

[dogmandont 10,060]

3 minutes ago, foxdropper said:

Advice .Never ,ever remortgage to gain capital 

4 minutes ago, foxdropper said:

Advice .Never ,ever remortgage to gain capital .

 

What's the best way to go about it. 

Genuinely interested. 

[Squirrel_Basher 17,102]

Not sure I understand the question mate .You asking best way to go about remortgaging or raising capital .

[dogmandont 10,060]

2 hours ago, foxdropper said:

Not sure I understand the question mate .You asking best way to go about remortgaging or raising capital .

Raising capital from an owned outright property. 

Or just basically the best way to borrow against it. 

[joe ox 2,674]

9 hours ago, foxdropper said:

Advice .Never ,ever remortgage to gain capital .

Why not? how do you think some landlords build a portfolio of property's? which earns them a lot of money if done correctly.

Edited February 6, 2021 by joe ox

[NEWKID 28,660]

7 hours ago, dogmandont said:

Raising capital from an owned outright property. 

Or just basically the best way to borrow against it. 

I'd say currently the best way to raise capital is against property, the interest rates are so low you are getting cheap money.

Used correctly (not wasted on a new car etc) and if age is on your side it could set you up very nicely.

As long as there is a plan and you stick to your end goal, exit then raising capital is a good kick start imo

[Squirrel_Basher 17,102]

51 minutes ago, joe ox said:

Why not? how do you think some landlords build a portfolio of property's? which earns them a lot of money if done correctly.

Not by remortgaging bud ,not unless they are minted to start with .

Not to blow my trumpet but I’ve got 4 houses rented out so I know a bit about it mate .

The rent pays the mortgage on another .

Remortgaging or releasing equity on something you are paying for is a huge step backwards in my book ,you are essentially taking out a loan using your assets for collateral .If anything changes succumbstance wise you are part owner of what was potentially going to be yours !
Any form of credit ,loan or release has to be paid back with interest so unless the investment  is going to guarantee to pay handsomely you are in the hole for a bit longer .

Better off extending the Mortgage for an house extension etc especially as the interest rate is so low and taking out an insurance to cover at least the interest part of the repayment .

Im no advisor mind ,just my thoughts .

[dogmandont 10,060]

31 minutes ago, NEWKID said:

I'd say currently the best way to raise capital is against property, the interest rates are so low you are getting cheap money.

Used correctly (not wasted on a new car etc) and if age is on your side it could set you up very nicely.

As long as there is a plan and you stick to your end goal, exit then raising capital is a good kick start imo

Its basically borrowing against an owned property to put a decent extension on it. 

I've no idea about these things so would it be a remortgage I'd be looking for. 

[joe ox 2,674]

33 minutes ago, foxdropper said:

Not by remortgaging bud ,not unless they are minted to start with .

Not to blow my trumpet but I’ve got 4 houses rented out so I know a bit about it mate .

The rent pays the mortgage on another .

Remortgaging or releasing equity on something you are paying for is a huge step backwards in my book ,you are essentially taking out a loan using your assets for collateral .If anything changes succumbstance wise you are part owner of what was potentially going to be yours !
Any form of credit ,loan or release has to be paid back with interest so unless the investment  is going to guarantee to pay handsomely you are in the hole for a bit longer .

Better off extending the Mortgage for an house extension etc especially as the interest rate is so low and taking out an insurance to cover at least the interest part of the repayment .

Im no advisor mind ,just my thoughts .

Yes you do need to have a deposit to start with but building a portfolio can be done by remortgaging and releasing equity for the next deposit, buying houses below their ceiling value is key, bank repossesions, houses in need of work done etc.

Your being a bit short sighted mate by wanting to own rented houses outright, rented houses are cash cows and should be treat as such treating them as personal possesion's is a mistake IMO, the profit is in the rent thats left after expenses and the equity that the right houses will build over time. Most property/houses will grow in value over time.

ETA: There is nothing wrong with wanting to own and be mortgage free in the house you treat as home and live in.

Edited February 6, 2021 by joe ox

[Qbgrey 4,278]

Got rid of my mortgage about 5yrs ago, seemed like I had hardly paid any off in all the years I paid  in.i did,nt look at the figures mainly because I'm a div,and also did,nt want to get depressed.robbing b*****ds.but everyone's needs a house so they make thier money on money.im like greyman on this finance shit,will all these people that have everything they own on tick be able to pay it if we get a recession.property is a good place to put your money I suppose,but I will not rent out any houses any more its a nightmare.invested in  few classic motors,so they can sit here and earn a bit.

[Squirrel_Basher 17,102]

11 minutes ago, joe ox said:

Yes you do need to have a deposit to start with but building a portfolio can be done by remortgaging and releasing equity for the next deposit, buying houses below their ceiling value is key, bank repossesions, houses in need of work done etc.

Your being a bit short sighted mate by wanting to own rented houses outright, rented houses are cash cows and should be treat as such treating them as personal possesion's is a mistake IMO, the profit is in the rent thats left after expenses and the equity that the right houses will build over time. Most property/houses will grow in value over time.

ETA: There is nothing wrong with wanting to own and be mortgage free in the house you treat as home and live in.

Understand all that mate but your not understanding what I said .
The amassed rent pays for the deposit on another house and so forth .

Unless you know who you are dealing with and have a legal team to look over remortgage contracts then ive always stayed away from them .

Personally ,Im about the quick turn over not long term renovations mate .

As for rentals being cash cows ,that made me laugh bud .I don’t buy run down places and renovate .Needs to be good standard to start with .

I own a small building business so any faults are soon remedied ,costs offset against another job lol.

Short sighted maybe but I’m happy with my lot .

Property is a fickle thing and knowing when to buy is everything as I’m sure you know but sitting on long term renovations isn’t my thing .

[Squirrel_Basher 17,102]

What people fail to grasp with a mortgage is that you are not tied to whatever agreement the company you are with put forward .Shop about and see the deals ,they are far from being equal .

[joe ox 2,674]

1 minute ago, foxdropper said:

Understand all that mate but your not understanding what I said .
The amassed rent pays for the deposit on another house and so forth .

Unless you know who you are dealing with and have a legal team to look over remortgage contracts then ive always stayed away from them .

Personally ,Im about the quick turn over not long term renovations mate .

As for rentals being cash cows ,that made me laugh bud .I don’t buy run down places and renovate .Needs to be good standard to start with .

I own a small building business so any faults are soon remedied ,costs offset against another job lol.

Short sighted maybe but I’m happy with my lot .

Property is a fickle thing and knowing when to buy is everything as I’m sure you know but sitting on long term renovations isn’t my thing .

I do understand what you said you just were not that clear in your first post then I went off on a tangent about buy to let mortgages which is not really what this topic is about  Buy to lets are cash cows to me, I will sell up when I am to old to look after them!

Remortgaging  the house you live in for new cars holidays etc is a bad idea I do agree with you on that.