£2,000 reservation + £1,400 solicitors fees
2 weeks later 25% less the reservation fee
NOTHING More Until December 2019 at completion.
The Developer is offering a 7.5% total over 2 years GUARANTEED RENTAL, but our figures have ignored this and are taking advantange of the 3% discount given when the rental guarantee is not taken, this is because short term lets will earn you far far higher earnings.
2 BEDS Start at £101,900
*£101,900 x 3% =£98,843 x 25% down payment (£24,710.75) = £74,132.25 on mortgage.
15 year mortgage if approved = £7,995.84 every year (£666.32 month)
10 year mortgage if not approved = £12,762.98 every year (£1063.58 per month)
Projected rental MINIMUM £600 per week x 25 weeks = £15,000
With the 15 year mortgage you will cover your mortgage and potentially gross £7,004.16
With the 10 year mortgage you will cover your mortgage and potentially gross £2,237.02
*If buying to let, we recommend you use Busy Bees for this service. If you do this and do not take the guaranteed rental, you receive an 3% discount.
**Currently in the same area, 2 bedroom apartments are yielding £500 per week on short term holiday lets.
Electric and water connection £2,000 per apartment.
Mortgage arrangement fee of 2% of the property price.
At the end of the 15 year mortgage, there is 5% vat to pay, as with all new property, and 3% transfer of title deed into your name.
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