TPP418: Success story: buy two properties - get one free

We’ve got an interesting success story for you this week

This success story is a little different to most success stories we share on a weekly basis. 

You’ve heard of the term ‘buy two get the third one free’, but have you ever heard it in the property market before? 

Chances are, probably not. 

But one lady’s success story benefits from this kind of deal...

Here’s what to expect on this week’s property podcast episode

Today Rob & Rob are talking to Elly and she’s got a unique success story that we think you’ll be pretty impressed by.

Elly’s full story will be appearing in the next issue of the Property Hub Magazine so if today’s episode grabs your attention, make sure you’re subscribed to receive the next issue. 

She lives in West Sussex and a few years ago decided that she was going to invest in property 350 miles away in the North East.

Going into 2020 she had one property under her belt that she’d done up and rented out and was planning on using the buy, refurbish, refinance strategy. 

But that’s not quite what happened. 

Whilst speaking to her broker about refinancing the first property, she was presented with a deal. 

Three two-bedroom terraced properties in County Durham on a buy two get one free offer. 

The typical tenant in this area tends to be Universal Credit, which she wanted to get into further down the line. 

Naturally Elly was pretty cautious about this deal as it’s quite a specialist area. 

So what did she do? 

Tune in to find out.

 

In the news

We’ve got two related stories for you this week, both about the mortgage market.

The first being a new ‘40-year mortgage product’ which has just been released - and if that wasn’t crazy enough, it’s a 40-year fixed mortgage term! 

Not only will your mortgage payments remain the same for the next 40 years, apparently there’s no early repayment charge or exit fee. Madness. 

The second news story is ‘Metro Bank launches ‘near prime’ mortgages’ which means people with a credit score that’s below average will be able to get a mortgage. 

This includes people who have CCJs that are unsatisfied and the products are 80% loan-to-value which is quite surprising. 

Will there be similar moves with buy-to-let mortgage products? We’ll have to wait and see. 

 

Hub extra

This week we’re giving you a poem. It’s a poem that Rob B wrote down at the beginning of his goals book so he always had a constant reminder of it.

It’s called Victory by Herbert Kauffman:

You are the Man who used to boast

that you'd achieve the uttermost,

some day.

 

You merely wished to show,

to demonstrate how much you know

and prove the distance you can go..

 

Another year we've just passed through.

What new ideas came to you?

How many big things did you do?

 

Time left twelve fresh months in your care

how many of them did you share

with opportunity and dare

again where you so often missed?

 

We do not find you on the list of makers good.

explain the fact!

Ah No, 'Twas not the chance you lacked!

As usual - you failed to act!

 

Let’s get social

We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do.

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