Book Bonus and Free Resources

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BOOK BONUS

You can download my FREE companion book that I have written as a bonus for you in purchasing and reading my book. This is based on the chapter summary pages content. It is presented in a narrative form for easy reading.

This FREE BONUS ebook is to help you review the key lessons summarised at the end of each chapter of the book. By reading this, and thinking back to what you were taught in the book, you will retain more information. This will give you a much better chance of making more money and reducing the chances of losing money.

This Summary is split into specific parts that represent the Golden Rules of each chapter. The Golden Rules Summary should trigger your memory on the other areas outlined in the book and help you re-inforce that learning too.

Remember to take notes as you go and highlight things as reminders for action where appropriate, for it is only when you use this knowledge that you will profit from it. All the money saving possible from the Golden Rules alone can add up to big numbers, but you have to take the required action in order to get these benefits!

 

Simply click here to Login or Register to download the free book bonus and my other free tools

Mortgage Portfolio Property List

To specifically compare one introductory period with another, it is important to calculate the monthly mortgage interest payments. These might be given to you, although for interest-only mortgages we saw in the last chapter that the calculation of monthly payments is quite straightforward. If we are using Repayment mortgages, remember it is just the interest that is of concern to us, not the full monthly mortgage payment amount as far as the cost of the finance goes.

Interest-cover ‘Stress Test’

This is a topic of much focus recently and, in some cases, is reducing how much individuals can lend. This is due to recent changes to the taxation system for buy-to-let, where high rate taxpayers are to be effectively taxed on part of their rental income (and not simply profit like any other business would be). In response to this, most lenders have increased their requirements for stress testing, which measures how much rent you will need to cover the interest payments.

Mortgage Payment Calculator

The book shows you how to calculate interest-only payments easily (see Chapter 5), but mortgage calculators can do it for you as well.

For calculation of monthly payment amounts on repayment mortgages, you are definitely best advised to either have a qualified advisor give you this information or use an on-line internet calculator to estimate this figure. Alternatively, there are tables available that you can use to estimate this and which take into account the term of the loan as well as the interest rate.

Monthly Mortgage Cost Comparison Spreadsheet

To specifically compare one introductory period with another, it is important to calculate the monthly mortgage interest payments. These might be given to you, although for interest-only mortgages we saw in the last chapter that the calculation of monthly payments is quite straightforward. If we are using Repayment mortgages, remember it is just the interest that is of concern to us, not the full monthly mortgage payment amount as far as the cost of the finance goes.

Property SOLD Prices Tool

This excellent tool has been around a long time and I have used it all that time (over a decade), it gives quick listings of previous property prices in an area and you should find the property you are interested in on the listing as well as getting a feel for the prices of the neighbouring properties. It gives a small description of the property type, so you can compare like with like (or should I say similar with similar!).

True APRC Estimator

This subject is covered in the Accelerator Module.

Using this calculator you can compare the estimated true APRC of various mortgages with different offer periods and mortgage terms. Although as you are likely to remortgage again in future, you will need to estimate when that will be and that could vary for each mortgage you compare. Of course, a strong influence on this will be the end of the initial offer period.

Examples of how to use it are given in the download on the Example sheets. Use this in conjunction with the APRC discussion section of the Accelerator Module.

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