Vicky qualified as a Mortgage Advisor in 2016 and then as an Equity Release Advisor in 2018 and has been working with Abacus Funding since. Abacus are a whole of market mortgage broker and a packager for specialist lenders in the buy-to-let marker.
She talks about what she most likes about her job, the challenges landlords are facing and offers up her top three tips for landlords who are looking for a property.
Talk me through a normal day for yourself.
Day to day I am hands on in the application process. I meet the clients, gather information, source the provider suitable for the client’s circumstances, make the applications and speak to all parties involved to ensure a smooth transaction for my clients.
What’s one of your favourite things and one of the most challenging about your role?
My favourite part of the role is helping a client to reach their goals, whether it is a first-time buyer, a client wanting to save money or someone starting in property investment. One of the most challenging parts of my role is waiting on the phone for providers!
With the recent change in legislation what are some of the issues landlords face and how can you help them navigate through them?
A challenge for the portfolio landlord regarding legislation changes are when it comes to mortgage underwriting. If the rental yield is low and the mortgage is high loan to value there is a potential the lenders will not lend or, if they already have a mortgage they can become a ‘mortgage prisoner’. They’re unable to move to another mortgage lender due to the stress testing of the rental income compared to their mortgage payments. I can help by looking at the portfolio and seeing where it’s possible to re-mortgage and look at different options if it is not possible. I’ll also advise the client to seek professional help with others such as accountants, letting agents and solicitors.
What are your three top tips for landlords when they’re looking for buy-to-let properties?
- Ensure the area they’re buying in is suitable for lenders as some areas lenders will not touch. This will also attract long term tenants and should provide a better rental yield
- Ensure you have a sufficient deposit for the property. Mortgages are available for 85% purchases, but best advice is to aim for 75% -,this will help if house prices slip and will be able to avoid becoming a mortgage prisoner
- Lenders have a minimum value property they will lend on. It’s good to know this before you start looking at properties that will require a mortgage to purchase it.
What are you most looking forward to about the event?
Meeting and talking to attendees and finding out about their story. I am always intrigued in people’s journeys to becoming a landlord.
For more information on the upcoming event, read our blog post.