A Guide to UK Buy to Let MortgagesWritten by Commercial Lifeline
Essentially there is little difference between process that one follows for a buy to let mortgage in UK than there is for any other type of mortgage. The lender still has to consider your credit worthiness, value of property, how much down payment you can afford and all of other usual considerations. However, in addition, lender will usually be interested in what market is for letting properties in same area as one that you are thinking of investing in. The lender will look at property taxes and average rents for similar properties. Other than those particulars, however, process moves along nearly same.A buy to let mortgage can be arranged for either commercial or residential property. Terms can range from between five to forty-five years. There are fixed and variable interest schemes available, and lender takes an interest in your property just like with any other mortgage so your property is still at risk if you fall into arrears. One difference is that a lender will consider your potential cash flow from rental income as part of your available money to repay loan under some circumstances. Because not all lenders view buy to let mortgages as a risk that they are willing to take, your best route is to choose a mortgage broker who specializes in buy to let schemes. This way you have best opportunity of getting you application reviewed by largest number of lenders who are likely to make a decision in your favor. Since you do not have to pay a fee to engage broker there is no reason not to take advantage of their services. Before you buy You should work with either a commercial or residential real state broker, depending upon type of property you are looking to invest in, who understands buy to let market in area that you are considering. Choose an agent who is bonded and who has a large portfolio of potential properties for you to review. Have your broker help you choose areas that are compatible with type of property that you want to buy. Choose property that matches needs of area. For example, you might find it hard to fully let an office building in an area that is used primarily for light manufacturing. Likewise, a warehouse might not go over well if it is surrounded by an office park complex. If you are thinking about purchasing residential property with your buy to let mortgage then make sure that you look in neighborhoods where there are already properties for let. It may be very hard to let a home in a neighborhood populated exclusively by high-income home owners. Planning your cash needs You should also determine maximum that you are willing to spend to buy property. Besides considering purchase price you will need to determine your available down payment and other expenses such as services of a solicitor, stamp duty, survey/valuation fees, broker fees etc. You should also consider after-purchase expenses including remodeling to make building fit for its intended usage, utility deposits and agent's fees if you plan to use a letting agent to attract and vet tenants. Other expenses are sure to include insurance, routine property maintenance plus ground rents (if applicable) and property taxes. Usually your tenant is responsible for utilities after they move in as well as any Council Tax, TV licence fees, and like.
| | Statistics on the UK National LotteryWritten by Dwight Overman
The UK lotto is one of biggest and most popular lotteries in entire world. Unlike many lotteries in other countries, UK Lotto prize is paid out as a lump sum, not drip-fed to winner across 25 years or so. This makes it extremely attractive to players all over world. As you can even buy tickets online, there has never been a better time to 'risk a quid'. But what exactly are statistics behind UK Lottery?First off, it's a pick 6 from 49 lottery, so odds of a 6 number jackpot are fairly standard at 1 in 13,983,816 for an individual ticket. The most popular numbers regularly picked are 23, 25, 38, 43, 44, 57. The least picked numbers are 13, 20, 21, 37, 39, 41. If you are into number pairs, you may be interested to know that lotto's most common number pair are 38 and 46. Those of you who like to pick lottery numbers in threes (as do many people here at www.winthatlotto.com ) will be fascinated to find that most common group f three lottery numbers picked is 10, 34 and 48. Ever wondered where ticket money for UK National Lotto ends up? According to lottery accounts, 45% of ticket take goes to prizes of all sizes, 5% goes to a 'Top Up' bin, and 28% goes to fabled 'Good Causes' (some of which have been discovered to be criminal scam fronts, unfortunately). of remainder, 13% is given to UK government as Lottery Duty, 5% is paid to retailers who sell tickets as commission, Camelot is allowed to keep 3% to cover costs, and a further 1% as pure profit.
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