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General, Glasgow, News
Things to do in Glasgow’s West End
Things to do in Glasgow’s West End Google “Glasgow’s West End” and you’ll be greeted with so many hits you’d be forgiven for wanting to click straight off again. This vast and bustling neighbourhood has so many attractions for all interests and ages it’s sometimes hard to know where to begin. Luckily, we’ve compiled a […]
Glasgow, News
Top Pizza Places in Glasgow’s West End
Top Pizza Places in Glasgow’s West End Dinner with friends? Date night? Somewhere to take the kids for lunch? Hey, maybe even a solo dining experience (#treatyourself)? There’s nothing better than a great pizza. Luckily, the West End of Glasgow has lots to offer no matter which neighbourhood you call home. La Favorita A real […]
Glasgow, News
West End Property Post Brexit
West End Property Post Brexit What does Brexit mean for Glasgow’s Property Market? In June this year, British citizens voted to leave the European Union. It’s a turbulent time in British politics with ongoing debate and some uncertainty as to what exactly a ‘Leave’ vote means for us. You will have heard on television, in […]
Hints & Tips, Tenants
Quick Guide To Common Tenant Issues
Quick Guide To Common Tenant Issues Water Leaking Into Your Property If you have a leak in your property and it is affecting the property below, you must make sure to isolate the leak to avoid any further damage. If unable to isolate issue, water should be turned off at the stop cock which is […]
Buy To Let, General, Hints & Tips, News
How do you answer: How’s your property portfolio performing?
How do you answer: How’s your property portfolio performing? Worried about your BTL portfolio and whether your ROI and Yields are strong enough? Should you sell your HMO or try and reduce your Cap-EX to increase your returns? Have you maximised your ERV or is it to low? Confused? Do you know your BTL’s from […]
News
Eleven Property Blogs You Need To Follow
Eleven Property Blogs You Need to Bookmark Whether you’re buying your first home or building a property empire, it’s a good idea to stay up to date with the latest property news. Here’s a list of our favourite industry-related blogs, which are filled with tips, reviews and information to help you buy, sell or […]
News
Scottish Property Buyers & Sellers Face Uncertainty as UK Votes ‘Leave’
Scottish Property Buyers & Sellers Face Uncertainty as UK Votes ‘Leave’ Buyers and sellers of property in Scotland are facing uncertainty as the UK prepare to leave the EU, following last week’s referendum result. Concern over the prospect of a Brexit led to the biggest fall in people looking to buy property since the financial […]
News
Scottish Property Prices and the EU Referendum – The Potential Implications
Scottish Property Prices and the EU Referendum – The Potential Implications The 23rd June marks an important event – the EU referendum. If you’re a seasoned property investor, or simply looking to move home in the future, it makes good sense to find out what will happen to property prices in Scotland if the UK […]
General, Guides
A Complete Guide to Buy-to-Let Mortgages
A Complete Guide to Buy-to-Let Mortgages If you want to become a landlord or develop a property portfolio, you’re likely to need a buy-to-let mortgage. These specialist mortgage deals are different to standard mortgages – and it’s important to understand the key differences. Here’s a useful guide to help you. Buy-to-Let Mortgages – What Are They? If you’re intending to buy a property with a view to letting it out, you’ll need a specialist mortgage. In fact, it’s illegal to purchase a property with a standard mortgage if you intend to generate an income from it – so it’s important to let your mortgage lender know exactly what your plans are. A buy-to-let mortgage is often only available for people who already own a property, and who have a good credit rating. Exact policies differ, but generally speaking, a mortgage provider will also expect to see evidence that you earn £25,000 or more per annum. How Are They Different? Buy-to-let mortgages don’t differ that much to ordinary mortgages; and getting to grips with them shouldn’t be too tricky. However, here’s a few key differences that you need to be aware of. Interest-only. The vast majority of buy-to-let mortgages are interest-only. That means, with each monthly repayment, you’re not paying off any of the capital, only the interest owed against the loan. What are the implications? At the end of the mortgage term, you will need to repay the capital – so you’ll need to have your finances in order by then. Interest rates. Interest rates are often higher than standard mortgages, and you’ll need to factor this in when you make a purchase. Higher deposit. As a buy-to-let property purchase is effectively a business move, the minimum deposit required is often higher than with standard house purchases. On average, expect to pay 25% of the property’s value. Specialist fees. Most buy-to-let mortgages also incur specialist fees, which are more expensive than standard mortgage fees. What Can You Borrow? When you apply for a buy-to-let mortgage, your provider will want to know more information about the purchase and the potential rental yield. This is so they can establish how much they can safely lend you. You can get a good idea about how much you can borrow by working out your rental income. The maximum amount you’ll be loaned is directly linked to the rental yield you can expect to generate. If you’re not sure what this is, ask letting agents in the local area, or check online to see what similar properties are making. Typically, your rental income needs to be at least 25% higher than your monthly mortgage payments. Important Things to be Aware Of Like any form of borrowing, buy-to-let mortgages come with risks attached. It’s important not to rely on the sale of the property to repay your mortgage, as property prices are volatile and your house may decrease in value – meaning you’ll have to find the remainder of the money owed from somewhere else. Unlike other financial products, if something goes wrong, it’s unlikely that you’ll be covered by any consumer protection – so it’s important to make sure your finances are all in order before proceeding with the purchase.
