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The Property Podcast

ASK226: Can I switch my residential mortgage to interest-only? PLUS: Can I extend this tenancy myself?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 10 March 2020

⏱️ 6 minutes

🧾️ Download transcript

Summary

It’s another week which means it’s another episode of Ask Rob & Rob, and we’ve got two fantastic questions... First up we’ve got Adam. He’s been saving up so he can start investing in buy-to-let properties in the north. Currently, Adam owns a property in London which he has a repayment mortgage on. He has 45% equity in his property but he doesn't want to put any more down as he wants to achieve something with a good return and growth.  He’s been looking at Manchester and Liverpool as potential options, however, he would like to purchase his next property in his personal name.  So, Adam wants to know if there's any products available to have an interest only mortgage on his personal property, and if so, do we think this would be the right and best approach for Adam.  Listen to find out.  Next we have Mark who owns a property in Birmingham. There’s a fixed term tenancy contract in place and the first year is ending in June. The tenant has expressed interest in extending the contract for one year.  Mark isn’t particularly happy with the agent that handles the contracts and Mark would like to handle them himself going forward.  So, he wants to know how he should handle this contractually and also in terms of the deposit scheme which was also handled by the agent? Is this something Mark can go forward with?  Tune in to find out… Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).    Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob.

0:03.4

And I'm Rob.

0:04.1

And this is Ask Rob and Rob.

0:05.3

Welcome to Ask Rob and Rob.

0:09.2

That reassuring part of your Property Week where you know exactly what's going to happen.

0:14.0

You're going to hear two questions and two answers and before that you're going to hear us read out a phone number.

0:19.1

Yep, the number is 013, 808,000.35, you can call in, leave us a voicemail, or you can leave us a message via the

0:26.2

website and you'll be able to do that through Property Hub.net.

0:29.9

forward slash Ask. Either way, super simple if you mess it up, don't worry, just record it again.

0:34.1

And you'll end up sounding as good to these two people.

0:36.4

Hi Robin Rob, Adam here from London. I've been listening to the podcast and it was

0:41.1

recommended by my friend James. love what you guys are doing.

0:44.6

I have a question that I don't believe has been answered so far.

0:47.5

I've been saving up to start investing in buy-to-let properties in the North and have a plan that I'm happy with.

0:52.8

In the meantime, I own the property that I currently live in in London

0:56.4

and have a repayment mortgage on it.

0:58.5

I currently have 45% equity in this,

1:00.8

and I don't want to put any more in as it won't provide the same

1:03.9

return or growth that I could achieve from Byton Net. Are their products

1:07.6

available to have an interest-only mortgage on my personal property and if so do

1:12.3

you think this would be the right approach

1:13.8

appreciate your advice in this question thanks guys thanks for your question Adam

...

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