How to REMORTGAGE to buy a SECOND PROPERTY | Property Investment UK

[@JamieYork]

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[@okunrin3]

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[@neilbarrett8221]

Hi I have a small morgage of £78000 on my property that’s worth £349000 I’m a builder and want to start flipping property to build a portfolio but don’t know where to start as my assets are tied up in my property now! Would like to possibly release the equity to fund the flippers. Is this possible? Many Thanks

[@mohmda4449]

All depends on your existing lender - a decent broker can help get this done. Watch out for fees and interest rates differing.

[@JamieYork]

Exactly!

[@skinbeautyproducts1998]

Request for a Solicitor on the Lenders Panel, that was Gold ✨ Never heard that top tip before 🔥

[@alexallen9172]

Would have been good to hear about other options to refinance rather than full remortgage - such as further advance, second charge etc. As some investors may be in 5 year fixed mortgages and have good rates secured

[@SJ_LSF_9]

Recently found this guy and he is solid! Great vids, detailed break down, good stuff. I’m subbed

[@JamieYork]

Ah thanks man. Appreciate this

[@chrispearson4845]

APG first time viewer looking for some advice…thanks for the video it was enjoyable 👏🏻👏🏻👏🏻

[@JamieYork]

Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?KZbinOrganic and fill in your details, and a member of my team will be in touch! 😊

[@joesardari5443]

Getting a Second mortgage on a BTL property (from the same lender) is a better way of refinancing long term fixed mortgages as early repayment stair-casing is costly! Mine run side by side in one payment. Much easier

[@karenferns6160]

Always such clear information Jamie .!! Really helps bavigating options .!!! Cheers. 🙌🤩

[@JamieYork]

Glad you think so! Thanks for watching!

[@acech1089]

I have one property that I bought 6 years ago for 140k your standard boring vanilla btl as you call them😁 I went to my financial advisor a year ago as I wanted to refinance and draw money out to buy a new property he advised against it then I went to a second one I asked the same thing and he said "have you renovated or done any changes to the property?" I said no and he said no point, it wouldn't have gone up in value went back to my usual advisor he literally got a new mortgage for 180k my payments were a lot less with the equity staying in but why don't most financial advisors like to refinance the property unless you've done a renovation where does the appreciation in value go over the years?

[@JamieYork]

Eva use lost are not educated particularly well in property investments

[@ColourTV247]

First time viewer! Helpful this is. Subscribed!

[@JamieYork]

Welcome to the channel! Glad the content is helping!

[@georgerogers3840]

This is my next step I'm going to start this week 😊 I am nervous😅

[@JamieYork]

You got this! Good luck! Look forward to hearing about your journey!

[@nikkigreen5573]

Thank you for another great video!

[@JamieYork]

Thanks for watching!

[@Harry_jtb]

Great video, thank you Jamie. Down to earth and solid content! A few questions if that's okay: 1. When you come to refinance your property, how is the new value of the property derived? Do you have to pay for this and if so what's an average cost to do so? 2. When remortgaging, either to refinance or simply get a new mortgage, do you always want to prioritise the lowest monthly cost? Even if that means having a large product fee or legal fees? And is it always best to also have the product (mortgage) fee added to your mortgage in a BTL strategy? Thanks again :)

[@bencraker]

What banks allow your use the money for btl? As Nationwide state “Information: You can’t borrow more to raise money for a business or to buy land or a property that you wish to let out.”

[@emilymaitlislaptop]

Just discovered that Nationwide caveat today 😞

[@syedahasan5494]

Excellent vlog. Very informative. Thank you for sharing.

[@m.mahmed8883]

Thanks so much. Really useful information here.

[@drlimeofficial]

Love it. Well explained and great vibe. Might get in contact soon :)

[@JamieYork]

I’ll be waiting

[@AlexBauldry]

Starting to re Mortage my existing property now. Would be a good idea to know what sort of fees and expected lout pay comes with this.

[@cerijones2341]

Hi, another great video! Two questions: (1) do you have to tell the finance company what you’re going to do with the capital following the remortgage? And if so, is it OK to say it’s going towards paying for another property? (2) if I buy a buy-to-let tomorrow and remortgage it several times over the next 20 years, when I sell it would I have to pay capital gains tax? Also would this be based on the capital made between 2023 and 2043, or just the capital made between “year of new mortgage” and 2043? Thanks!!

[@mrsmith4903]

CGT on your profit ei. The difference between sell price and purchase price 20 years ago

[@jamescaley9942]

They don't care, you could buy a ferrari. They only care they have your property as collateral and you can afford the payments.

[@acxezknightnite1377]

I have refinanced before and there is a section of the form which asks why you’re borrowing more. I just said it was to purchase another BTL property and it all went through without a hitch! They never checked whether I actually did or not! Friends of mine did the same - refinanced and intended to buy another property, but then the crazy house price frenzy happened post-covid-19 so instead they put the money towards paying off their home!

[@johnporcella2375]

You pay Capital Gains Tax on the total profit you make on properties that are not your main residence.

[@claraboomday]

I remortgaged back in 2007...the first year it gained 10% in value then came the crash in 2008 It's only just achieving its 2007 price now...I was in negative equity for 15 years. Beware!

[@JamieYork]

Where did you buy out of interest? Was it new build or existing?

[@claraboomday]

@@JamieYork Irvine in Ayrshire...the Detroit of the UK

[@claraboomday]

Existing..ex council

[@adampickering1983]

I own my property and want to buy a new property to live in but would like to keep this one to rent out would I need to save up a deposit for my new home

[@LifestyleWithSofiaB]

Jamie Jamie I’ve lose out been doing this property business all wrong I’m gonna refinance all my mortgage free properties and buy more 😊

[@Cartoonschannel24]

What do you mean by buildong a portfolio ? Buying the poroperties on a ltd company? Can you define and how to build a property portfolio ?

[@JamieYork]

Building a portfolio just means having multiple properties. Essentially becoming a professional property investor

[@ChildofLightOfficial]

Hi Jamie not sure whether to remortgage with 50k equity release/deposit to buy 2nd home and original will be a buy to let. Been advised I can do this but mortgage payment on the new property would be double and the buy to let would pay itself (rent plus a few ££ extra for me) Is it beneficial to buy an additional property as a pension investment or sell and buy bigger/better area? Thank you

[@DarrenNorris-cd7fp]

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[@JamieYork]

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[@wch4972]

If the property is rented out with good rental income, does it need the landlord himself having a personal job income to approve a Btl mortgage?

[@kamalhidayat4055]

Hello.I have a house which the value is £150k(£85k mortgage) and some savings.what can I do to buy a second studio flat to rent?thanks a lot for your help

[@user-mf4xv3ih3h]

Just watched your video, great content. This might sound like a very silly question, but if I refinance on my property could I then use that money to overpay on the same property if so are there any benefits to this?

[@fraserp2377]

I am really struggling to see the value of this in 2024. I am a newbie to btl with about 300k in my house. It just feels like after interest, fees, tax and the mortgage repayment curve there's little to no money in it.

[@matthewhunty]

If you remortgage your own home. To purchase a buy to let. Is there anyway you can claim back the mortgage payments on your tax form.

[@JamieYork]

In a limited company yes :)

[@achieto1610]

APG want to start BTL portfolio

[@JamieYork]

Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?KZbinOrganic and fill in your details, and a member of my team will be in touch! 😊

[@carldrewett4542]

How do you take the money out if it's a ltd company

[@Thebuilderinvestor]

Any creative ideas mate how to remortgage your own residential home when your self employed and your income looks to be to low to take on the extra dept ? As you know got 200k sitting in there I wanna access and struggling. Only thing I can think of is selling and not sure the mrs would ho for this

[@matthewhunty]

Maybe you could rent one of the rooms out?

[@rosettekengni1493]

I would like to have some training

[@user-dd1rf2eu5y]

Apt very inspiring

[@JamieYork]

APG did you mean?

[@BarGuruSL]

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[@JamieYork]

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[@possle]

I was under the impression that remortaging, to borrow more for a 2nd property wasnt an option Last time i looked i was told i cant borrow more on my more to go towards another property. Is this incorrect?

[@JamieYork]

Depends on the lender but most don’t have an opinion on what you do

[@TyLeJack]

Still not grasping this concept, my Mom owns her home fully, no mortgage. So if she were to do an equity release why would we need to pay this back. Why are we borrowing are own money ?

[@marissakeynes2532]

Equity release as discussed in this video is for the purpose of buying a second property. So if ur mum is releasing equity she can only do it by taking out a mortgage which of course has to be paid back over a number of years. But I suspect what ur talking about is equity release which older people do where a company buys the property from them and allows them to live in it until they pass.

[@TyLeJack]

@@marissakeynes2532 so the house would pay the debt and be worthless at the point of sale. I wouldn’t mind that at all since I know what to do with the money. I was reading up lifetime mortgages

[@marissakeynes2532]

@@TyLeJack Do ur research but I think those companies take advantage of elderly people and offer them less than what the property is worth.

[@toyina11]

Hi can you recommend a broker to help with buy to let please.

[@mayukhchakraborty4623]

If I were to remortgage to release cash, my monthly mortgage payments will increase. Is that not counterproductive ?

[@JamieYork]

Depends on the volume of money you can release and what you do with it! an extra £200pcm to get another property which generates £250pcm + capital growth is a win!

[@jsadecki1]

So its better to remortgage instead of opening a new mortgage on another property because you WOULD tax on a new mortgage but not a remortgage? Or if you don't pay taxes on both then what would be the benefit of a remortgage? ​@JamieYork

[@MrHuziman]

Can you refinance on your property which still has unpaid help to buy debt on it?

[@JamieYork]

100%. You’ll need to pay that down if course

[@GOLAMSARWAR-nt2gh]

If i buy a house with 20% down payment and then can i get a loan against the same financed property? As (Loan against property)?

[@dreamy665]

Im still confused about remortgage process 😢 I just cannot understand it.. Watched so many videos 😢😢

[@JamieYork]

I’ll do a really simple one on my instagram for you :)

[@dreamy665]

@@JamieYork appreciate it 🙏😊

[@dr.dhananjayroy9443]

Hi Jamie. I have got this property with recently having renewed my mortgage which is going to end in 2025. Rather than remortgaging which I can’t do until 2025 , do you reckon one can try getting loan against equity in the property and invest that in another property ? Thanks

[@deependramaharjan4310]

Bought the property 5 years before @ 400k. Remaining mortgage is 290k. Fixed Interest rate coming to end after 6 months. Had some extension and renovation as per council permission. Property value is now 520K. If I want to remortgage for second property (buy to let) and everything is in place. How much equity I can release from the existing property?? Just a rough figure.. And most important question,is it true that to go for second property I should have 25% of the Value of second property (saving) into my account and SDLT as well. I mean if go for second property worth 400k I must have 100k Cash in my pocket for the deposit???(25% of 400k and SDLT) Please reply

[@jame4757]

Hi. are you still doing this? the website isnt working.

[@skinbeautyproducts1998]

So you pay £50k mortgage, plus the 5% of £2,500 per year?

[@Jordan-lr4bi]

Can you get a BTL mortgage for your company to buy your residential home in your name even if there is a residential mortgage on it already?

[@jakeblair4215]

Doubt it, otherwise you would rent it to yourself and claim it down on your income tax

[@milkyporridge5929]

You need to transfer it which may mean capital gains tax

[@Proctors1000]

​@@milkyporridge5929 if it's a Primary residence there shouldn't be CGT. I think for the OP it would mean selling to the company at market rate, paying off the owner mortgage and the company having the new mortgage. To continue living in the property would be a benefit in kind and taxable accordingly.

[@WatchingTheo]

I have a 430k BTL with 110k mortgage. I can only refinance and get an extra 50k out as equity because of the mortgage stress test on the rental income. Is there a way to avoid this stress test?

[@jamesbeadle93]

You using a high street bank directly? Barclays "stress test" told me i could only get £285,000 on my remortgage, and i would have to stump up cash to pay the deficit from my current mortgage......which is with them 🤣 Went to a broker and ended up with £50,000 equity in my bank and a new mortgage that is still more than affordable. shop around!

[@tonyp5820]

What happens if the property is within a ltd company, can i get the money into my account tax free?

[@asankaperera4540]

apg

[@JamieYork]

Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊

[@taggthis]

How long does it take to get equity out end to end roughly?

[@acxezknightnite1377]

2-3 months

[@MakemoneyonlineWorkfromhome]

Hi Jamie, we have around 140 K equity in our house what would be the best way to release that our redemption date on the original mortgage is 2036 any advice appreciated

[@JamieYork]

2036 on the fixed part? If so check if there’s an early redemption by getting in touch with your bank. If there isn’t/the redemption is worth it, start the refinance and making sure there’s no restrictions from the lender on what you can use the money for

[@MakemoneyonlineWorkfromhome]

@@JamieYork will do appreciate the advice 🙏

[@II-IJT-II]

Is this similar to a HELOC? Heard that’s much better than re mortgaging?

[@marcusjakes6730]

💪🏾

[@kingjay476]

This guy works for the banks. Do not listen to this advice

[@kellysimes8238]

No he doesn’t!!

[@sahilalam4798]

ab gujrat sarkar per case chalega??

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@@JamieYork all now done and filled in 👍

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