I've followed the channel for a while, and the content is great and well made but I've recently been questioning how ethical these approaches are whilst the UK has a huge issue with lack of housing and wealth disparity. As a landlord myself, circumstantial not professional, who wanted to build a portfolio (hence me subscribing) I can't help but feel that buy-to-let mortgages are now hugely immoral when so many of our country are struggling to get on the property ladder. Keen to hear your thoughts Justin and if it's something you have given any thought to? Cheers
Hi Justin, I’ve watched quite a lot of your content. It’s great and inspiring. I’m currently saving for my first BRRR. I speak to mates in construction who have a few who suggest I’d need at least 20-30k minimum to do one doing a lot of the work my self ? Does this sound right too you ? Can I also please how likely I am to get a mortgage on my first time home while being self employed with good but fluctuating income ? Thanks a lot mate 👍
What do banks tend to lend you on a cash out refinance? Is it done purely on your income? I have around 110k left on my mortgage with my house valued around 350k. So 240k equity however my wages are 30k per year so would the bank only 5 times that even though I have a large amount of equity?
On a residential mortgage they will usually work off of income, even if you do have a lot of equity… it’s worked off income because you need to be able to show you can repay it. Usually it’s 4.75 or 5 times salary like you mentioned. Definitely worth a conversation with a mortgage broker to see if there’s more than can be accessed!
@JustinWilkins Thanks for the reply. My fixed rate mortgage is due to expire in February and I have asked my broker the same question but cheers for the heads up
Any one watching this remember you own nothig until all mortagaes are paid off. As for tax free? Nothing is when buying a property esp a second one. You have stamp duty, and capital gains if you sell, both currently very high. As for the UK moving to a more rental society, absolute rubbish. Home ownership is bedrocked into the minds of the UK. Renting is only a need/ circumstances rather then a choice . Infact as time goes buy , more and more goverments will make it harder and harder for future landlords and easier to buy.
I've followed the channel for a while, and the content is great and well made but I've recently been questioning how ethical these approaches are whilst the UK has a huge issue with lack of housing and wealth disparity. As a landlord myself, circumstantial not professional, who wanted to build a portfolio (hence me subscribing) I can't help but feel that buy-to-let mortgages are now hugely immoral when so many of our country are struggling to get on the property ladder. Keen to hear your thoughts Justin and if it's something you have given any thought to? Cheers
Hi Justin, I’ve watched quite a lot of your content. It’s great and inspiring.
I’m currently saving for my first BRRR. I speak to mates in construction who have a few who suggest I’d need at least 20-30k minimum to do one doing a lot of the work my self ? Does this sound right too you ?
Can I also please how likely I am to get a mortgage on my first time home while being self employed with good but fluctuating income ?
Thanks a lot mate 👍
What do banks tend to lend you on a cash out refinance? Is it done purely on your income? I have around 110k left on my mortgage with my house valued around 350k. So 240k equity however my wages are 30k per year so would the bank only 5 times that even though I have a large amount of equity?
On a residential mortgage they will usually work off of income, even if you do have a lot of equity… it’s worked off income because you need to be able to show you can repay it. Usually it’s 4.75 or 5 times salary like you mentioned. Definitely worth a conversation with a mortgage broker to see if there’s more than can be accessed!
@JustinWilkins Thanks for the reply. My fixed rate mortgage is due to expire in February and I have asked my broker the same question but cheers for the heads up
Any one watching this remember you own nothig until all mortagaes are paid off. As for tax free? Nothing is when buying a property esp a second one. You have stamp duty, and capital gains if you sell, both currently very high. As for the UK moving to a more rental society, absolute rubbish. Home ownership is bedrocked into the minds of the UK. Renting is only a need/ circumstances rather then a choice . Infact as time goes buy , more and more goverments will make it harder and harder for future landlords and easier to buy.