10 Steps to Get Mortgage Preapproval before Attending Property Auctions in UK

Are you thinking about buying a house at auctions? Do you have enough cash in your bank account to get your property investment financed at auctions? In such a scenario, it is very important for every investor to get his/her all ducks in line before visiting auctions for purchasing a house.

Mortgage preapproval is one such process? In other words, it is important for investors to get their mortgage preapproved.  But what exactly is mortgage preapproval? Why mortgage preapproval is important before buying a house at auction? There are many such things you should know about mortgage preapproval.

What is Mortgage Preapproval?

It is a letter issued by your lender or the financial institution indicating the amount of mortgage/loan you qualify for. Lenders or financial institutions issue this letter after checking your financial history thoroughly. It helps you determine the investment property for sale you should purchase at the London property auctions.

Why Mortgage Preapproval Matters?

A lot of investment properties come to auction for sale. Every investor selects the property he/she is interested in. Honestly, there will be more number of investors interested in the investment property of your choice.

In such a situation, mortgage preapproval helps you get on top of your competition at the London property auctions. Mortgage preapproval also helps you find a competent mortgage lender ready to work closely with you to help you find a home loan and interest rates and other terms that cater to your property investment strategy requirements.

The Documents You Will Need for Mortgage Preapproval:

·         You will need the documents stating your personal information. For example:

o   Your driving license

o   SSN (Social Security Number)

o   Personal contact information such as address, phone number, and e-mail address etc.

·         Recent bank account statement or statement about any investment account.

o   Documents stating your employment information. For example:

o   Where have you worked?

o   Where are you currently providing your professional services?

o   Paycheck stubs

o   Income tax forms for the last couple of years

·         Your total monthly income and expenditure including all sorts of bills paid by you.

·         Documents indicating your actual overall financial condition. This list of documents contains documents stating your record about your investment assets and liabilities etc.

·         In case you are self-employed, you will also need to present profit and loss statement.

·         Documents stating your rental property income, if you have.

·         Canceled check to indicate your payment history.

·         In case you are using some kind of gift received from some relatives or friend to cover the down payment, you will also need to present a gift cover letter.

The Bottom Line: 

The knowledge presented in this article is limited to the following things:

·         What is mortgage preapproval?

·         Why Mortgage preapproval is important?

·         How to get mortgage preapproval before buying a house at auctions?

However, these are not the only three things investors should know about mortgage preapproval. This is right! There a plenty of things that every investor must know about mortgage preapproval before attending London property auctions to get their property investment financed easily at auctions.

In case you want to know in depth about it, call us right now to book your tickets to our property seminars in UK where our experienced property investment agents in London answer all of your questions in depth in this regard.

Foreign Investors are Investing in UK Property at Auctions Despite Brexit

Brexit has taken a toll on the UK property market significantly in 2017. However, property investment in UK does not seem to be losing its grip among foreign investors. Their interest in UK residential property is as strong as ever.

Now, the number of enquiries for buying a house at auctions is rapidly increasing from the Chinese investors. Pound, the British currency, is one of the leading causes of such an increase in demand.

Foreign investors have raised almost 44% more enquiries for investing in UK property than they did in 2016. Apart from Pound, the low value of Sterling is also responsible for this. This is particularly attracting investors from China. They find themselves in a position to purchase residential properties in UK at about 10% less cost.

This is a kind of good sign for UK property market as it will be able to generate more revenue easily for increasing its ROI. But property market is very much similar to share market. Therefore, it can swing in other direction anytime without any prior notice. Therefore, if you are also thinking about investing in UK property, you are advised to keep your eyes on the latest market happenings, political events and much more. 

3 Huge Reasons Why Investors Need Expert Advice Before Investing in London Property

London, the British Capital, is losing its grip among investors. According to a report by the buy2let shop property investment agents in London, over 3, 00,000 investors have bid adieu to the British capital in 2017. Now they are exploring other possible options in UK for affordable property investment. This number is definitely alarming! But why property investors no longer want to invest in London property? This is a serious question. Let’s now take a look at the reasons below: 

Sky High Property Prices:

London property market severely underwent Brexit shockwave in 2017. Its impacts brought house prices down to some extent. However, property prices in London are still too high for many investors. According to property investment agents in London, home buyers want to make the most of the property investment opportunities offering better returns in other parts of UK. This could affect their investment to some extent.

Many London councils are not finding its easy to afford in residential properties for rehousing families requiring residence. A lot of them are investing in Local London properties in UK. These properties are very expensive and no one can easily afford to pay their current prices.  This is why a lot of people are being rehoused out of London. This is also forcing investors to think about their financial interests. Market experts see this trend continue for a very long time.

London House Prices are Squeezing:

The average price of residential properties in all parts of UK except for London is around £225,000. Now you look at the average price of houses in London which is around £483,000. This is way more than the double of average house price in rest of the UK. This is what is making investing in London property, UK more difficult for buyers. This tells everything about the problem perfectly.

Moreover, over 4000 Londoners have put their properties at auctions for sale. They want to have cash in their pocket. This situation is attracting a lot new investors. They are competing fiercely against each other for purchasing those properties. For this purpose, they are constantly pushing the prices up. This is why property investment in London, UK is turning out to be a herculean task for many investors. This is why investors are losing their interest in London.

Requirement of Increase in Investment Power:

House buyers hailing from London itself are nowadays leaving the capital. They want to invest in places outside London that are less expensive. As for reason, they now want more returns on less investment. Thanks to the high spending power of home buyer hailing from London. This is what is going to continue this trend for a long time to come even outside London. There is not much London authorizes can do much about it. But London property market needs to reflect on supply and demand of residential properties.

Final Words:

As a lot of investors have already moved out of London for better returns with less investment, Local London Authorities need to figure out a strategy to find a solution to this problem.

In case you are thinking about property investment in London, UK and need advice in this regard, we are only a phone call away!

 Call us right now!

We are one of the best groups of property investment agents in London.

The Buy2let Shop Reviews 3 Types of IGAs for Earning Passive Income By investing in UK Property

Investing in property in UK and making profit consistently does not mean you have become a clever investor. Although this is bitter yet it is true! Property investment market is not like a road of one-way traffic only. In other words, you need an exit strategy also because one bad property investment decision can be very costly.

This is why some experienced property investment agents in London advise you to look for passive income through your property investment. It helps you save your money the other way. Simply knowing about IGAs (Income Generation Assets) and its benefits in property investment is not going to help you. You must also learn about the types of IGAs for passive income generation through your investment in UK property.

The Different Types of IGAs:

The Buy2let Shop reviews three different types of IGAs in property market for turning your property investment into cash cows:

·         Student Properties

·         Care Homes

·         Residential Buy-to-let Properties

All these IGAs work in their own way and offer their specific benefits to investors.

The Bottom Line:

Call us right now and book your tickets to attend our property investment seminars in London and other parts of UK. We will be more than happy to guide you about the way you can Utilize IGAs for passive income generation through your property investments in UK.

8 Reasons Why UK Property Owners Are Trying IGAs for Passive Income

IGA is abbreviation to Income Generation Assets. This is another way to generate income by investing in property in UK.  IGAs have hardly been explored by most of the investors and sellers. But now, the picture seems to be changing as a lot of buyers and sellers are searching for ways to generate passive income outside traditional property investments.

But Why?

There are many reasons for it. For example:

·         Brexit is one of the main reasons that has seriously taken a toll on UK’s property market.

·         Shortage of residential investment properties for sale in UK in 2017.

·         3% additional Stamp Duty on landlords for purchasing a second home.

·         Constantly rising house price inflation.

·         Newly Introduced Mortgage Rules by The Bank of England.

·         European Union’s efforts to develop a plan to collapse Brexit Talk with UK in 2018.

All this is spreading nothing but the clouds of uncertainty among sellers as well as buyers. Neither sellers nor buyers want to risk their financial interests.

More importantly, huge financial investment is not required for passive income generation through property investment via IGAs. In some cases, IGAs offer very high returns as compared to the mainstream property investment options.

Final Words:

In case you are thinking about trying IGAs for passive income generation via property investment, you are at the right place at the right time! Call us right now!

We are the best group of property investment agents in London.

4 Things That Made Investing in Student Residential Properties in UK Profitable

UK property investment market has gone through a lot of critical changes on every front throughout 2017. Buying a residential investment properties for sale in UK became taxing for a lot of buyers because of these changes. For example:

·         Brexit impact.

       David Cameron’s resignation, after UK voted in favor of Brexit, brought Pound’s financial market   value down to record low value of last 31 years.

·   New Mortgage Eligibility Rules introduced by The Bank of England reduced buyers’ profit significantly.

·     Some investors are now thinking about divesting themselves of property investment opportunities offering profit.

Amidst all this turmoil, student residential properties have somehow managed to keep buyers interested.

Pound’s low value, Brexit impact, possibility of consistent returns for a long time, and occupancy offered by students are some huge reasons of it. The buy2let Shop Property investment agents in London see investment in student residential investment properties for sale, touching the milestone of £5.3bn before the beginning of 2018.

Feeling appetite for investing in student accommodation property in London or UK but don’t know what to do? No Problems! Call us right now and book your seat for our property seminars conducted in every part of UK. You will get to learn everything as our experienced market agents will guide you properly.