Hi there,
I am a newbie investor. I have started my investment for about several months ago. I have bought a 2 bed buy-to-let terrace in North West for £52,000. Just do some refurbishment and improvement and it worths around £70,000 now. I paid £7,800 for the deposit and £3,000 for the legal fees, refurbishment and improvement. Then, I ask for the secure loan from my mortgage lender to release some equity from the house. However, they said I need to stay with them over 3 months before they can lend me the money. So I wait one more month to get the loan then …
Then I get my second buy-to-let property from the same area and the price is £55,000 and the actual value for that house is £75,000. The valuation of the property is done. But I need 15% of the deposit to secure this house. On the other hand I cannot release any money from my first property until next month. So what can I do now? Where can I get the best loan or help on this?
Moreover I would like to get another buy-to-sell project. Just do up and sell it. How can I release the money from the second property before it exchange the contract? Or any other alternative way to raise the deposit for this buy-to-sell project?
Thanks for your help...
