Ricey

"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." How very true.

Lenders can get very twitchy about that if they find out about it - in fact they need to check their conditions within the mortgage to see if there is one about something along the lines of 'Solicitors are to confirm that a 6-12 month Assured Shorthold Tenancy Agreement is in place within 30 days of completion). Sounds silly because its guaranteed money but they don't like it because if they have to repossess for some reason it becomes very difficult when a 3rd party has a 3 year agreement.

My hero - I can see Mart manning the 'Arks' for us with 2012 kicks off

Great idea anders but I dont think I'll pick one of them up for less than a grand - plus I wouldn't want to hurt it.......the idea of a cheap car is one that I won't care if I accidentally drop a spanner into the cylinder head etc. Basically if I perform a 'Ricey' on it. Personally I think Z4's are a fricking soulless awful sack of Germanic turd but each to their own I guess.

Just be a little bit wary of shipping from abroad......if they get tugged in customs it can end up way more expensive than buying from the UK. Generally speaking anything you need can be found on here.......in fact I've never heard of anyone inquiring about part and not being directed to one trader or another on here. watch some of them like Tarmac though - they'll blind you with shiny things and empty your wallet

To be honest the whole economy from that respect is absolutely TERRIFYING. Its old news for the media now so they're busy banging on about killer cucumbers and bean sprouts or volcanos - the reality is this country is sitting on a time bomb (and by time bomb I mean Trident Thermonuclear Missile). Mortgage lenders are being nailed to the wall for Arrears handling so repossessing someone is a lot more difficult now as you have to evidence that you've explored all reasonable alternatives. Interest rates are at a record low yet people are still struggling. Worse than that is all the people who aren't struggling and in fact have found themselves better off.....they've gone out and cut their cloth accordingly. In both instances if interest rates rise by even 2% I think we could be seeing total fricking meltdown. We have an entire generation of people who have lived in the never-never and are hocked up to the nines without the means to support it. Putting into context of Leeroy - lets say you manage to do these do deals and gear up to £175k on existing property and £165k on new property. You've got a tracker rate of BBR plus 1% on existing and lets say a 5% tracker on the new one. You keep existing on interest only (if indeed your lender will let you - interest only is well and truly on the regulator radar at the moment) and take new one on repayment over 25 years. These are your approx payments; New Resi - £965 Existing now on BTL - £218. Bank base rate rises by just 2% New Resi - £1166 Existing now on BTL - £510.42 Thats an extra £493 per month please (granted this is all hypothetical and you could fix your rate ETC)................also imagine what the payments would be like if you couldn't get the interest only agreed on the BTL and you had to go on repayment!. Back in the day (times might of moved on - Sarnie knows best - this is just my experience) you had to get whats called a 'Let to Buy' on the new property - this was a very specific product for people retaining their existing home to let out and moving to a new residential. It carried more stringent criteria and a % deduction off your income. I'm sure there are other options out there though (my experience is in the niche markets not the high street). Think long and hard bud..........it could be a bumpy ride the next decade or so - if you want my tuppence (opinion based on not very much) I can't see how interest rates can rise in the short/mid term - an entire generation of those who lent irresponsibly and those who got caught up in the aftermath would practically collapse if they did.

you've not bought that one have you Just kidding Looks very nice

lets have some piccies then!

Can I just be clear that this is my bloody car!!!! I'm selling it to buy a new cheaper car (5-6k) and a nice banger (sub £750) to tinker with and train up my mechanical skills on. Me and biscuit were talking about scratching the V8 itch (which there isn't a cream for) and maybe bagging up a Jag or Merc V8 for a year or so. I've really enjoyed tinkering with the zed but what I would really like is a car I can leave on the drive untaxed and uninsured to learn how to do jobs on without a fear of breaking anything. If it eventually gets 'restored' to a decent standard then I can hopefully flog it on. There are things that I will never learn how to do unless I have a crack.....for example I'd like to weld something at some point in my life - on a rusty old shed I can have a crack....if I **** it up then meh! So what, the cars only worth £500. I was thinking of all sorts of combinations; - Gas guzzling V8 for main car - 5 to 6k (XK8, Merc CL ETC) - Older retro jap sports that I've always wanted to own (GTO, FTO ETC) for 3-5k. - Newer nice cheap to run car (Alfa GT 1.9JTD with higher miles - 5-6k) The only criteria for the main car is it has to be 'odd'......Biscuit knows what I'm talking about. Alfa's are 'odd'....everyone knows there are better options but Alfa's stir the soul, the Mondeo ST24 was a more practical car than the Cougar but the Cougar had some right character. The banger is going to be something that is; - older - easyish to work on. - potential for retro cool if I even got it to a reasonable standard. - parts fairly readily available. So I was thinking old MR2 or Celica.......I did even think about an MGB but I don't think with the best will in the world I've got the skills for that! The problem is all of those options have the potential to be money pits! That said.......................................its my car so mitts off!

From a regulatory perspective it will probably remain as a resi with a consent to let granted. In respect of the new mortgage - yes it probably will impact your ability to lend. Pre-recession it didn't so much but now lenders have throttled their criteria. For example I've never missed a payment on anything in my life.......without our btl we can borrow about 200k from our existing mortgage company (as we're on a really low tracker too)....with it we're restricted to just over 100k - which is less than our current mortgage the worlds gone mad. When we do come to move it looks like we'll have to hassle Sarnie to work his magic on a new deal.....unless we offload the btl by that point.

Somebody's a purple buy today.....hey......hey

Just whip the intake pipe off and take a peek mate. If its dirty then give it a clean.

Not sure bud. It's just a normal jtw pop charger that bought off ekona

..... we'll take you for a walk soon don't worry.

Good man......I think she bought it! Anyway! Why is my car being sold out from underneath me without my say so! I want a v8

I disagree........... LOUD NOISES!

Spill............ ......

zed, cash my way and you do all the housework for 6 months....you've got a deal

I cleaned the throttle body as you mentioned on my thread Jim. It was pretty crapped up but white spirit and a bit of cloth soon sorted that out!

Give the guy a break........racing for pink slips is a full time job he can't hang around here all night jibberjabbering with us. Bramble last night reminded me of that scene in Anchorman when Brick Tamland gets involved in the argument and shouts 'I don't know what we're shouting about!' 'LOUD NOISES'

You gonna meet us on the way up kidda? We're going on the Friday.

I'm sure you will, you filthy little clown! Aye I'm up for something or another. PMSL Any knobs involved in your something or another Only if he does them in denim

On my Buy to let mortgage, I had to place a deposit of 30%. The interest rates were slightly higher than a traditional mortgage also. I think what you're planning to do is VERY wise, you will be laughing in the future once you've got 2 properties paid off (the rented one should pay for itself anyway, so there shouldn't be a financial burden on that property, other than the initial deposit.). I would strongly recommend you go for an 'interest-only' mortgage, this will ensure you are not paying more than you can afford on a monthly basis (as you have 2 mortgages) and if anything would happen with your current income, you will not be hit as hard and still be able to cope with the payments. An 'interest-only' mortgage should have very low monthly instalments, your rental income should cover it and give you a small amount of profit on top, allowing you to make over-payments at the end of the year (a lot of mortgage companies allow up to 10% overpayment without being penalised). Personally I'd say that advice is a little dangerous Haz but as said.......ask Sarnie for professional, qualified advice. Your confusing yourself by using the term 'deposit'. When you own the property already its simply a case of the having the correct 'loan to value - LTV'. Your talking about doing a capital reduction but again this is a little confusing as you need to pull money out of the current property to fund the deposit on the new one. For example Current prop value £220k Current mortgage £140k Savings in bank 20k New property value £220k Mortgage max LTV 75% Max mortgage therefore £165k Deposit required £55k You have £20k in the bank and therefore require an additional £35k from the equity of £80k in the current residential. There are 2 options 1. Existing mortgage company offer you a 'Further Advance' of £35k (taking total outstanding balance to £175k) - subject to max LTV, lending criteria, affordability critiera, consenting to you letting the property. 2. You remortgage to another mortgage company for a BTL mortgage of £175k (£140k to redeem existing and another 35k for the new purchase). Mortgage companies assess BTL lending on 1 or 2 ways; 1. Rental yield as a % of cover for the installment - eg installment is £500 and rental is £700 you have a 140% rental cover. Lenders might set the threshold at say 125% cover (i.e you need at least 125% cover to get the mortgage you want - based on a RICS qualified surveyors assessment of the projected rental). 2. Based on your income (usually with a deduction of a set % off your income of whatever you residential mortgage balance is) Be sure about being a landlord though mate - it can be an unholy ball ache and don't forget your going to be in for a cool £340k of secured debt. You have tenants who can lose their jobs too, then your stuck making the payments to the mortgage, you are liable to sort all of the damage, ensuring the property is compliant. If its not the council can serve you with improvement notices that they will simply act upon themselves if you fail to comply (then register a landcharge on your property). However - you could end up with a nice little nest egg for retirement and some tasty profit off the tenants. Bottom line SPEAK TO SARNIE

I'm sure you will, you filthy little clown! Aye I'm up for something or another.

Good shout man but I think it might look a little odd with the purple now.........and I'm frigged if I'm respraying for a 3rd time!