Three properties stacks of equity. how to release

[2months2push]

First post, be gentle

Happy new year. I've been lurking around for a while but need some specific advice about mortgages and remortgaging

Seems like plenty of finance experience here

I seem to be going round in circles with the plan for next property purchase. Back ground is

Three properties owned

One flat owned outright value 125k Let successfully 15 years
One flat mortgaged 50k, value 150k let successfully 15 years
One residential mortgage 145k Value 288k

On paper I have a shit ton of equity circa 368,000, obviously not all available

I'm looking to generate some cash to top up my cash deposit fund to pick up another property

Issues
I am waiting for completion for EWS1 certificate on the two flats in January so can't dip into them (This is a slam dunk, no complications, no cladding just pay the money pick up the certificate)

I've got a mortgage broker who can deal with the BYL but not with Natwest (Only available lender due to tax code)

I am looking at a remortgage on the residential property but I have the mortgage with Natwest due to my normal tax scenario (Paid in Dollars, work overseas)

Natwest want the details of the property I want to BTL before they look at remortgaging

I'm looking for property in a market that is super quick, properties are selling before they get the for sale sign up.

How the **** do I generate the cash I am looking for so I am ready to go. No problems with the BTL mortgages for going forward just need to release 50-70K NOW

Any help/pointers/links/advice gratefully received

 

[Archibald]

With that amount and possibly your salary - you should be able to get some paid professional advice instead of asking armchair - internet experts

or wait until the market falls as it will do possibly new year

Someone in Nigeria may be able to help

Archie

 

[dingerr]

I’m not a mortgage broker, solicitor or financial advisor, but the first thing i thought when you mentioned three properties was capital gains tax. There are ways around it, especially if buying a new property. You’ll need a solicitor specialising in trusts, equity and property for the best advice.

If you are looking to raise capital it should not be a problem as you have substantial equity. Even though you have mortgages on a couple of your properties you can raise a further charge (mortgage) against them.

Sorry I couldn’t be more help, it‘s a few years since I studied this and don’t want go mislead.

 

[Ravers]

Sounds like you have a shit broker who’s feeding you duff info.

There will definitely be other lenders who can sort you out. NatWest are a nightmare to deal with, bin them off ASAP, find a better broker who can sort you out with a smaller independent company.

Our first mortgage was with NatWest. When it came to remortgaging we got the whole “computer says no” nonsense because the wife was on maternity leave. Didn’t matter that we were still earning well over what was required, didn’t matter that we had a good chunk of cash in the bank, didn’t matter that her family business banked with NatWest to the tune of 10s of millions of quid.

Fucked em off and our broker sorted us out with a much better and cheaper deal.

Their loss.

 

[AsterixTG]

Agree with Ravers - I was abroad, long time expat, and wanted to put some money into UK property - going direct to the lenders was a right pain - got a recommendation on a broker who looked after everything and it was so simple. I did everything remotely from the Middle East. Piece of piss and quick.

 

[postman_tw@t]

I've dealt with this bloke who will advise on the most tax efficient solution to mortgage/remortgage/BTL.

henry.watkinson@newwavefs.co.uk

 

[2months2push]

Cheers for the input. I'm wondering if a change of broker will loosen up the situation.

Yep NATWEST is like talking to the taxman. Their scoring for loans feels like its out of their own pocket!

This all goes away end of Jan but I'm still trying to get it in place as I've lost three ideal properties that just get hoovered up

 

[Jim1982]

The high street lenders may have an issue with you being a non-UK resident. Best bet is to work with a broker who routinely sorts mortgages for non-UK res individuals. They work with private banks who can deal with complex situations like yours. If you Google it, several options come up.

 

[Crazy_Chester]

Agree with Ravers - I was abroad, long time expat, and wanted to put some money into UK property - going direct to the lenders was a right pain - got a recommendation on a broker who looked after everything and it was so simple. I did everything remotely from the Middle East. Piece of piss and quick.

Sounds exactly what I am looking for. Would you be able to share details?

 

[AsterixTG]

Sounds exactly what I am looking for. Would you be able to share details?

Alas, no, sorry - After I posted I had a look back through my emails and they don't go back far enough - it was 2009 when we went through it and I can't remember the guy's name.

I'll ask the missus if she knows but I dealt with it so it's unlikely.

If I have time I'll dig out and fire up the old PC that might have any saved documents on it and PM you.

It was a long time ago, so my guy/company might not even exist now, but the premise is sound and have a hunt for a current reputable broker or maybe someone else can recommend for you.

Hope it works out.

 

[Crazy_Chester]

Alas, no, sorry - After I posted I had a look back through my emails and they don't go back far enough - it was 2009 when we went through it and I can't remember the guy's name.

I'll ask the missus if she knows but I dealt with it so it's unlikely.

If I have time I'll dig out and fire up the old PC that might have any saved documents on it and PM you.

It was a long time ago, so my guy/company might not even exist now, but the premise is sound and have a hunt for a current reputable broker or maybe someone else can recommend for you.

Hope it works out.

Thanks and please dont go to any trouble - appreciate the reply.

If any other posters who work abroad have experience of mortgage stuff I would love to hear their experiences.

 

[Rab_C]

Thanks and please dont go to any trouble - appreciate the reply.

If any other posters who work abroad have experience of mortgage stuff I would love to hear their experiences.

I got a buy to let mortgage while an expat from The Mortgage Works, was quite a hassle free process. I think they are/were part of Britannia.
Here they are: Home | Buy to Let mortgages | The Mortgage Works Direct

 

[Crazy_Chester]

I got a buy to let mortgage while an expat from The Mortgage Works, was quite a hassle free process. I think they are/were part of Britannia.
Here they are: Home | Buy to Let mortgages | The Mortgage Works Direct

Thanks really appreciated - I will have a look now

 

[chimera]

First post, be gentle

Happy new year. I've been lurking around for a while but need some specific advice about mortgages and remortgaging

Seems like plenty of finance experience here

I seem to be going round in circles with the plan for next property purchase. Back ground is

Three properties owned

One flat owned outright value 125k Let successfully 15 years
One flat mortgaged 50k, value 150k let successfully 15 years
One residential mortgage 145k Value 288k

On paper I have a shit ton of equity circa 368,000, obviously not all available

I'm looking to generate some cash to top up my cash deposit fund to pick up another property

Issues
I am waiting for completion for EWS1 certificate on the two flats in January so can't dip into them (This is a slam dunk, no complications, no cladding just pay the money pick up the certificate)

I've got a mortgage broker who can deal with the BYL but not with Natwest (Only available lender due to tax code)

I am looking at a remortgage on the residential property but I have the mortgage with Natwest due to my normal tax scenario (Paid in Dollars, work overseas)

Natwest want the details of the property I want to BTL before they look at remortgaging

I'm looking for property in a market that is super quick, properties are selling before they get the for sale sign up.

How the **** do I generate the cash I am looking for so I am ready to go. No problems with the BTL mortgages for going forward just need to release 50-70K NOW

Any help/pointers/links/advice gratefully received

As a point of principle, you might want to think about diversifying your investment portfolio. Having all of your eggs in the property basket (especially if you are highly geared with BTL mortgages) means that if the market falls you lose capital, and/or it is a very "all or nothing" investment - if you suddenly need, say £50K, it isn't easy to get at without selling a whole house, and if the market is stagnent or falling that could mean trouble. You should be able to generate 4 - 6% ROCI tax free from ISAs, or even 2% just a term cash bond, which isn't sexy, but means at least when the zombie apocolypse comes you have something to fall back on that hasn't lost value.