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The Property Podcast

TPP418: Success story: buy two properties - get one free

The Property Podcast

Rob Bence & Rob Dix

Business, Education, News, Business News, Investing

4.82K Ratings

🗓️ 18 March 2021

⏱️ 26 minutes

🧾️ Download transcript

Summary

We’ve got an interesting success story for you this week This success story is a little different to most success stories we share on a weekly basis.  You’ve heard of the term ‘buy two get the third one free’, but have you ever heard it in the property market before?  Chances are, probably not.  But one lady’s success story benefits from this kind of deal... Here’s what to expect on this week’s property podcast episode Today Rob & Rob are talking to Elly and she’s got a unique success story that we think you’ll be pretty impressed by. Elly’s full story will be appearing in the next issue of the Property Hub Magazine so if today’s episode grabs your attention, make sure you’re subscribed to receive the next issue.  She lives in West Sussex and a few years ago decided that she was going to invest in property 350 miles away in the North East. Going into 2020 she had one property under her belt that she’d done up and rented out and was planning on using the buy, refurbish, refinance strategy.  But that’s not quite what happened.  Whilst speaking to her broker about refinancing the first property, she was presented with a deal.  Three two-bedroom terraced properties in County Durham on a buy two get one free offer.  The typical tenant in this area tends to be Universal Credit, which she wanted to get into further down the line.  Naturally Elly was pretty cautious about this deal as it’s quite a specialist area.  So what did she do?  Tune in to find out.   In the news We’ve got two related stories for you this week, both about the mortgage market. The first being a new ‘40-year mortgage product’ which has just been released - and if that wasn’t crazy enough, it’s a 40-year fixed mortgage term!  Not only will your mortgage payments remain the same for the next 40 years, apparently there’s no early repayment charge or exit fee. Madness.  The second news story is ‘Metro Bank launches ‘near prime’ mortgages’ which means people with a credit score that’s below average will be able to get a mortgage.  This includes people who have CCJs that are unsatisfied and the products are 80% loan-to-value which is quite surprising.  Will there be similar moves with buy-to-let mortgage products? We’ll have to wait and see.    Hub extra This week we’re giving you a poem. It’s a poem that Rob B wrote down at the beginning of his goals book so he always had a constant reminder of it. It’s called Victory by Herbert Kauffman: You are the Man who used to boast that you'd achieve the uttermost, some day.   You merely wished to show, to demonstrate how much you know and prove the distance you can go..   Another year we've just passed through. What new ideas came to you? How many big things did you do?   Time left twelve fresh months in your care how many of them did you share with opportunity and dare again where you so often missed?   We do not find you on the list of makers good. explain the fact! Ah No, 'Twas not the chance you lacked! As usual - you failed to act!   Let’s get social We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do. Make sure you’ve liked and subscribed to our YouTube channel where we upload new content every week!  If that wasn’t enough, you can also join our friendly property community on the Property Hub forum. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hey everyone, Robby here with RobD and you are listening to the Propsy Podcast and we've

0:06.9

got a cracker of an episode coming up for you. A truly inspirational story from an inspirational

0:13.6

property investor. The lessons that you're going to take from this one story are incredible.

0:25.2

Welcome to the Property Podcast where every single Thursday property investors come to

0:29.1

be informed and inspired. This week it's inspiration and then some. We're telling a phenomenal

0:34.2

story. We're hearing from a Property Podcast listener who has done something that most people

0:39.3

would never do and did it at a time when most people were scared of doing anything at

0:43.6

all. And as if there were enough stick around to the end for our extra where we're going

0:47.0

to be doing something that we've never done before in eight years of the show.

0:50.5

It's time for our news story of the week or should I say our news stories because we've

0:55.8

got two related stories this week, both about the mortgage market and both really, really

1:01.2

interesting. The first Rob the headline certainly is one that grabs the attention. A new 40 year

1:09.2

mortgage product has just been released. Yeah, not just a 40 year term, which is something

1:15.2

in itself, but a 40 year fixed term. So the mortgage rate that you pay at the start

1:20.2

stays the same for 40 years, which is just crazy, isn't it? And apparently there's no

1:26.4

early repayment charge or exit fee. So you can lock in a rate for up to 40 years, but then

1:30.8

if you have a change of plans or you move or whatever, then that's fine. No penalty. So

1:36.2

it's a product that's come out from a lender called Habitaux, which is quite a niche lender.

1:39.7

This isn't an advertile recommendation for them, but just the fact that this product exists

1:43.7

and is as far as I'm aware, the first of its kind in the UK Rob is pretty significant.

1:48.7

It's crazy that there's no redemption penalty. I've only just found that out now as you've

1:52.8

said it Rob, but this is crazy, but in a good way for consumers. And they do different

...

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