ARmy Rumour SErvice

**recymech1** · 07-04-2012, 21:21

As bluebell has already stated, get the tax return sorted. I pay an accountant £70 to do mine and I've had a rebate every year. Well worth it.

**dingerr** · 07-04-2012, 21:27

Bluebell?!?!?

**bluebell_49_echo** · 07-04-2012, 21:59

dingerr between us he'll get it..............

**dingerr** · 07-04-2012, 22:07

Ahhh, thought he was taking the Michael.

**southern sapper** · 08-04-2012, 17:39

Thanks for the help guys. I'm very happy about not needing a buy-to-let mortgage and reckon that even paying for the letter will be better than the alternative in my situation.
Wait out for me on here in a few years time asking about early repayments! Sorry but having got decent advice on here I doubt I'll go back to pointlessly searching the internet!

**dingerr** · 08-04-2012, 19:28

Early repayments will depend on your mortgage. Some will allow you to pay extra, upto a certain percentage of the value.

As a first time buyer you should get a cracking deal, you'll need to have around 10% to put down. There are 100% mortgages reappearing, but avoid these like the plague, you'll pay a ridiculous indemnity to protect the bank.

That's enough of us amateurs waffling shit on here, take it we know nothing are filling your head with nonsense and you need to go and see a professional mortgage advisor.

**mortgagemike** · 03-05-2012, 12:29

Originally Posted by dingerr

Early repayments will depend on your mortgage. Some will allow you to pay extra, upto a certain percentage of the value.

As a first time buyer you should get a cracking deal, you'll need to have around 10% to put down. There are 100% mortgages reappearing, but avoid these like the plague, you'll pay a ridiculous indemnity to protect the bank.

That's enough of us amateurs waffling shit on here, take it we know nothing are filling your head with nonsense and you need to go and see a professional mortgage advisor.

I may be able to help you obtain a mortgage if that would help. I am based in the UK and can give you all the inside tips, it isn't only a few lenders that enjoy helping those in the forces

As suggested previously you can simply purchase on a residential basis (a mortgage for those who live in the property themselves), you would however have to wait 6 months before being able to request that you can rent out the property.

The main difficulty you will have with a buy to let mortgage is the fact you are a First Time Buyer, there are not many lenders out there who will lend on a buy to let basis to a FTB as generally they belive the applicant will infact live in the property and do not earn enough to get a residential mortgage!

Regarding penalties generally speaking the average penalty if you decide to clear the mortgage within the first couple of years will be around 3% of the loan amount. (This will vary between lender and type of product you go for).

Feel free to get in touch if you want anymore help - piproposals@gmail.com

Good luck

Mike

**CaptainPlume** · 03-05-2012, 13:04

I'd bloody ban buy to let mortgages. They inflate property prices and are frequently paid off by taxpayers' money in the shape of housing benefit.

**mortgagemike** · 03-05-2012, 13:43

True, but at least a savvy investor can at least reap the rewards. Certainly better than Council tenants who move into Council accomodation for 2 years and then get offered the opportunity to purchase that property off of the Council at a reduced price. Furthermore that reduced price then being allowed to act as their deposit.

I wonder how many aren't then doing cash in hand jobs as well and not declaring it to our friend the tax man?!

**danny25** · 09-01-2013, 10:26

Originally Posted by recymech1

Sapper,

As long as you are still serving you don't need to have a buy to let mortgage. Let the mortgage company know from the off that you are buying it as you main residence and it is your intention to live in eventually. Once everything has gone through tell them that your posting will not allow you to live in it currently and you intend to let it. They will give you a permission to let letter. You will only need a bog standard mortgage and they are a lot cheaper than a buy to let usually at least 1 or 2%.

I've done this twice with the Woolwich and the Halifax and had no problems. They seem'd keen to help squaddies get on the property ladder.

The advice about Landlords insurance is worth following. The only problems I've faced is crap letting agents doing nothing for their 2-4%. Research your letting agents and play them off against each other to get the best deal.

You will get some pain along the way but it'll be worth it in the end. Now's the time to buy.

Good luck.

Thanks for the info, I'm in a similar situation and was wondering the same thing.