Landlord reveals how she got going in property despite being told she was ‘mad’
An entrepreneurial landlord has just bought her fourth buy-to-let property and started her first estate agency by scrimping and saving since she was a teenager.
Rachel Ollington (main pic), 41, purchased her first house aged 19, her second at 23 and a third at 24 after leaving school at 16, first by saving cash from her £100-a-week estate agency job.
She and husband Mike who are based in Wickford, Essex, now own properties worth £990,000 after paying £592,000 for them – and have their sights set on buying even more buy-to-lets.
Ollington, who trained as a mortgage advisor in 2020, saved hard as a teenager then continued to tighten her belt with a young family. She later went on to work for several estate agencies including Sarah Beeny’s firm Tepillo.
The couple first put down a £37,000 deposit on a £91,000 two-bed bungalow in Wickford, renovated it, then sold it for £187,000 – raking in nearly £100,000 in profit.
Other purchases were funded by doing DIY and repairs themselves, upcycling and making second-hand purchases. They now live in a four-bedroom house worth £475,000 which they bought for £183,000.
Help people
“I have a rental property portfolio and co-own an estate agency business, which people have said we were mad to start in the middle of the recession, but I really want to help people to do the same as me,” she told Mirror Online.
Ollington’s property firm boasts 11,000 followers on Instagram and aims to get others onto the property ladder. She advises investors to keep in contact with their mortgage broker to keep on top of available finance deals.
She adds: “Find a property you can do work to, or one that’s outside of your key area such as not being near a station as the house prices will be cheaper.”
Pic credit: Rachel Ollington/eXp
View Full Article: Landlord reveals how she got going in property despite being told she was ‘mad’
Time to talk? Professional financial advice is more important than ever
Professional financial advice is more important than ever to help landlords cope with portfolio pressures, advise the experts at Belvoir.
It will not have escaped your notice that rising inflation and interest rates are constantly hitting the headlines, sending ripples of anxiety throughout the nation. This being the case, is it time for landlords to review their Buy to Let (BTL) mortgages and see what can be done to help reduce costs? Michelle Brook is Belvoir’s Financial Services Director and was the founder and Managing Director of Brook Financial Services, which trades as the Mortgage Advice Bureau (MAB) and was bought out by the Belvoir Group in 2017. This month Michelle shares her views on rising interest rates and how this might impact on landlord clients.
“In my view there has never been a more crucial time for landlords to talk to an MAB advisor,” said Michelle. “With interest rates on the rise we are already seeing deals that were available at the beginning of the year and the latter end of last year have now increased and will cost substantially more. It is predicted that interest rates could continue to rise, so clients are advised to talk to us now to see what we can do to help.
“At MAB we are able to shop around and source the right deals to suit a client’s individual circumstances. A mortgage amounts to a big proportion of a client’s outgoings, but of course with other utility bills also on the increase, anything we can do to help people minimise their outgoings will be a real help. There will be clients who are coming to the end of two-to-five-year deals who will be shocked at what deals are looking like now, and by talking to us we can get them the best deal and help them to manage their finances.
“Landlords with BTL mortgages will currently be taking a hit on rate rises, and it will be especially useful for them to talk to us so that we can review their situation. Many landlords are self-employed, and we know how to position self-employed buyers to lenders, putting them in a much stronger position than they would be by going directly to a lender. Lenders will have their own criteria, which the applicant will either fit or not. However, the client will not know how to challenge that whereas we can correctly package the application to lenders.
“Many Belvoir offices specialise in sales as well as lettings and will be organising landlord events to raise awareness of what the government is trying to do in terms of the rental market and how this can impact their business. Look out for news of these events in your local area or call into your local Belvoir office to ask about talking to an MAB broker.
“It is worth noting that lenders are currently looking much more closely at each application from an affordability perspective are taking longer to turn around applications. By talking to us we can help to educate people on what is really going on and ensure they don’t panic. We can also reassure them that whilst rates are rising, they are still relatively low, compared to when they were at a 15-16% high. Fears over the cost of living and other factors going on in the world can deter landlords from making decisions about increasing the size of their portfolio. After speaking to us, and understanding the situation better, they are not as likely to be put off before they even start the process and may well be surprised to discover what they can afford.
“In conclusion, although rates are going up and are higher than they were at the beginning of the year, it is not all doom and gloom. The Government is looking at support packages to help with the cost-of-living crisis, and when these are announced we can talk these through with people and help them to see a way forward. There has never been a better time to talk to MAB.”
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
View Full Article: Time to talk? Professional financial advice is more important than ever
FAO Shelter – This is not a love note from The Landlord Crusader
It’s a good job I was sitting down when I read a striking story on Property118 this week because it would normally have knocked me off my feet otherwise.
Was it, I hear you ask, the Government announcing that their Rent Reform white paper is nonsense and will be ditched?
View Full Article: FAO Shelter – This is not a love note from The Landlord Crusader
Transfer of Ownership of tenanted property – the practicalities?
Hello, I have recently sold a tenanted property and the completion date is a week away.
Does anyone have any experience of handover of details/rent accounts to the new owner, especially in regard to UC recipients?
All tenants have UC paid directly to me
View Full Article: Transfer of Ownership of tenanted property – the practicalities?
Leicester to widen HMO planning restrictions covering ‘thousands’ of houses
Leicester city council councillors are to vote next week on plans to significantly widen local planning laws to clamp down on the spread of HMOs.
The measures are to be brought in following a public consultation that finished in January this year.
Leicester has had an Article 4 Direction in place for nearly ten years in several areas of the city, but following the eight-week consultation this is to be expanded to cover ‘thousands’ more houses.
The existing Article 4 Direction covers parts of the West End, streets near to De Montfort University’s campus and Leicester Royal Infirmary, numerous streets in the area between New Walk and HMP Leicester, as well as most of Clarendon Park and a section south of Lancaster Road.
The West End zone will now be extended to stretch from Rowley Fields, to Westcotes, Newfoundpool and parts of the Waterside area, while the Clarendon Park area would be extended to incorporate much of Knighton Fields, Knighton, Stoneygate and part of Aylestone.
A third new area will include much of Spinney Hills and Highfields.
HMO spread
Part of the justification of the Article 4 Direction is that although only just under seven percent of its housing stock is HMO properties, in some parts of the areas covered by the Article 4 Direction, HMOs account for between 25 and 38 percent of its stock.
The plans, along with an enlarged selective licensing scheme due to be introduced in the city, has drawn criticism from local property figures.
As LandlordZONE has reported previously, Irving Hill of local student lets firm Stulets, said: “If the council stops more houses being converted into HMOs by using the Article 4 directive it will have a direct impact on students, restricting choice and driving up the price so that poorer ones are priced out and won’t have anywhere to live.”
View Full Article: Leicester to widen HMO planning restrictions covering ‘thousands’ of houses
Tenant fraudster who tried sell landlord’s house jailed
A tenant who tried to sell the house he rented without his landlord’s knowledge has been jailed.
Andrew Smith, 41, was only caught out in his ‘truly brazen crime’ when a prospective buyer conducted a drain survey at the property.
View Full Article: Tenant fraudster who tried sell landlord’s house jailed
Rents set to outperform property prices
Rental value growth is predicted to outpace property price growth over the next five years, says one leading property expert.
Nicky Stevenson, the managing director of Fine & Country UK, says that a shortage of stock, increased borrowing costs
View Full Article: Rents set to outperform property prices
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