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3 Comments
What do banks tend to lend you on a cash out refinance? Is it done purely on your income? I have around 110k left on my mortgage with my house valued around 350k. So 240k equity however my wages are 30k per year so would the bank only 5 times that even though I have a large amount of equity?
Hi Justin, I’ve watched quite a lot of your content. It’s great and inspiring.
I’m currently saving for my first BRRR. I speak to mates in construction who have a few who suggest I’d need at least 20-30k minimum to do one doing a lot of the work my self ? Does this sound right too you ?
Can I also please how likely I am to get a mortgage on my first time home while being self employed with good but fluctuating income ?
Thanks a lot mate 👍
Any one watching this remember you own nothig until all mortagaes are paid off. As for tax free? Nothing is when buying a property esp a second one. You have stamp duty, and capital gains if you sell, both currently very high. As for the UK moving to a more rental society, absolute rubbish. Home ownership is bedrocked into the minds of the UK. Renting is only a need/ circumstances rather then a choice . Infact as time goes buy , more and more goverments will make it harder and harder for future landlords and easier to buy.