I just had a chat with my broker and she went through various rates she could get me.  I opted for the 4.99 per cent fixed until 2011. Its an excellent rate except for the 2.25 per cent arrangement fee!  Oh well.

Its for a purchase of a 6 bed HMO in the north.  Its costing me 91,000 GBP so the monthly figures look like:
Monthly Rent 6 x 55.00 GBP x 4.33 weeks = 1,429 GBP
Monthly Mortgage Costs = 0.85 x 91,000 GBP x 0.0499/12 = 322 GBP
Monthly Council tax, utilities, insurance and repairs = 250 GBP
MONTHLY NET PROFIT = 1,429 - 322 - 250 = 857 GBP

Nice!

That's a 10,000 GBP annual income per year for the next 3 years.  Just imagine if you had 10 of these HMOs (or even 400?..).  That would equate to 100,000 GBP per year if you bought 10 of these. Now you can see why I am trying to buy 400 of these this year alone.  That's an annual income of £4m per year.

To get a mortgage with a rate of 4.99 per cent CONTACT MY BROKER.

If you want a portfolio of HMOs then speak to my guys in the office - you can email them: Enquiries@ahuja.co.uk

Speak to you soon.

Ajay

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Posted on: 26th Jan 2008