Tuesday, 25 February 2014

Bury St Edmunds and Nail Varnish




Recently I went to check on one of my buy-to-let flats in Bury St Edmunds.  The tenant left owing three months rent never to be heard of again.  In a little bit of a rush to leave he inadvertently left a number of boxes for his online cosmetics business.

I had visited the house on a number of occasions, each time the tenant was hard at work  selling cosmetics online, which he bought in bulk and sold for a small profit. As his business expanded, he asked me if i could rent out my garage to help him store his excess stock . He made me a nice offer and I accepted. 

However when he did not pay his rent for three months and I served him with notice to depart, he obviously forgot about his inventory left in my garage.  His midnight flight into the night, was actually a blessing because it meant i did not need to go through the courts.
Eventually, the tenant returned to collect his inventory but i had checked with the solicitors that because he had not paid rent on the addition storage space and because it was a commercial agreement rather than a residential agreement, the same rules did not apply and I had every right to keep the stock.

I therefore started looking within the boxes to see what could be salvaged and sold.  It transpired that there was a number of items of lipstick, nail polish and false eyes lashes. I contacted a number of online companies to buy the inventory from me. I received a great offer from The Glamour Girl who purchased the whole stock from me including 5,000 pairs of false eyelashes

Monday, 13 August 2012

Buy to let Mortgages in Bury St Edmunds


Buy to let Mortgages in Bury St Edmunds
Did you know that the word mortgage comes from an old French word mortgage, equivalent to mort = dead (< Latin mortuus ) + gage = pledge

It is also worth researching different buy-to-let mortgages for your potential purchase in Bury St Edmunds. There are many on the market and it is worth shopping around for the best deal. If you are buying a house or flat in Bury St Edmunds then it is probable that the mortgage providers will only loan you up to 75% of the value of the property.

 It is worth mentioning that when buying your house or flat in Bury St Edmunds you could use a normal personal mortgage but it is advisable to take out a specific buy to let mortgage. There are several advantages to these but the may have arrangement fee’s so it is worth asking. In general the credit checks behind a by to let mortgage seem to be less intense than those on a standard mortgage, we suspect that this is due to the reason that there are reduced risks to the bank because of the higher equity levels.

It is worth going into your bank in Bury St Edmunds or a building society as you might find that a broker will be able to get you a better deal than those offered by the estate agent.

Why not have a look at our other sites, which give advice on buy to let in other areas.

Buying to let in bury st Edmunds

Three top tips

1. Research the market in Bury St Edmunds

If you are just getting into buy-to-let in Bury St Edmunds, you must ask yourself a few questions. what do you know about the market in Bury St Edmunds? Do you know the risks, as well as the benefits. you should follow the local news and really get an understand of the community you are about to invest in.

Make sure a buy-to-let is an investment you are sure you want. Your funds could perform better elsewhere. In 2007 a high-rate savings account would beat most investments. Now that rates are lower, investing in buy-to-let means tying up capital in a house that may drop in value. Compare this to the possibility of a annual return on a fixed rate savings fund.

You could also get a similar return from an investment in funds, shares or an investment trust - paying just 10 per cent tax on income and getting tax-free capital growth through an Isa - with the ability to sell up quickly if you want.

If you know someone who has entered the buy-to-let market, ask them about their experiences.
Message boards: Talk to other buy-to-let investors


2. Choose a promising areas or streets for buy to let

Promising does not mean most just the cost. Promising means a place in Bury St Edmunds where people would enjoy living and this can be for a variety of reasons.

Where in your Bury St Edmunds has a additional value ? If you are in a commuter belt, where has good transport links? Where are the good schools in Bury St Edmunds for young families? Where do the students in Bury St Edmunds want to live? Asking yourself these questions might sound over simplistic, but they are probably the most important aspect of a successful buy-to-let investment
Zoopla: Check the rental market and homes to buy


3. Do the sums

Before you think about looking around houses or flats in Bury St Edmunds sit down with a pen and paper and write down the cost of houses you are looking at and the return you are likely to make.

Traditionally buy-to-let lenders wanted rent to cover 125% of the mortgage payments, although many had relaxed this in the boom years. Most also wanted a 15% deposit, which protects against falling prices.

After the financial crisis, many are now demanding upto 25% deposits, or even larger, for rates considerably above residential mortgage deals. The best buy-to-let mortgages also come with additional arrangement fees.

Once you have the mortgage rate sorted - and remember to allow yourself a margin for rate rises in years to come, be careful in deciding will your investment work out?

What will happen if the house or flat in Bury St Edmunds sits empty for a month, two months or even three? These are all things that must be consider. Make sure you know how much the mortgage will be and if it could rise or fall.