Clayburn Flat Refurb
This 2 bedroom flat was bought as a “Repossession”. This means that the property stays on the market until you have exchanged. It is quite an unnerving feeling as you know during this time anyone can come in with a higher bid and gazump you. This is the only time this is an allowed legal process in the UK; normally when a house is sold, it comes off the market. But as this is a repossession the bank wants to be able to recoup as much of their money as possible. They also require you to normally complete within a short time frame around 28 days so you don’t always have time to put the normal finance mortgages in place, so we bought this one using cash then once we carried out the refurbishment we turned it into a BTL mortgage which we have now kept and have happy tenants staying in there. Once the BTL mortgage was approved the value had already gone up so we managed to take some of the money out of the deal to reinvest.