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simon allen

Established Member
  • Content Count

    439
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About simon allen

  • Rank
    Super-member

Contact Methods

  • Website URL
    http://www.searchlightfinance.co.uk

Profile Information

  • Location
    Knutsford Cheshire
  • Areas I invest in
    East Manchester
  • About me
    Addicted to property and once got told off in a church during a service when I was trying to work out how many flats you could get into it. A long history of providing finance to property owners and businesses with a spell running a national bridging company. I now through Searchlight Finance arrange finance for investors, developers and landlords.
  • Property investment interests
    Most things with a roof on. Understanding why a property and location is chosen.
  • My skills
    Property Finance including Portfolio Finance, Bridging, BTL, HMO and Commercial finance.

    Experienced landlord in single lets.
  • My goals
    Grow the portfolio through refurbishments and meet new people to chat about property
  • Interests outside property
    A mad poodle and taxi driver to two teenagers.Enough said.

Recent Profile Visitors

6,065 profile views
  1. Hi Alan. For the value check the commercial sites to see what else has been sold in the area, instruct your own valuation from a valuer the lenders use and ask for comparable evidence. Ignore any value of a lease as unless its an established name then valuers don't tend to give too much of a premium over the bricks and mortar valuation. Can you get lending ? That depends on the property, lease term, location and the lender's requirements. Just doing one at the moment and the lenders requirements for experience is 1 BTL owned for 1 year+ and a FRI lease in place with 2 or more years t
  2. Hi Simon

    Issues with lending due to Contractor work

    I am wanting to get started with BTL’s as a portfolio landlord (already have one BTL in my personal name so not entirely a rookie) and wanted to know if there is likely to be an issue with getting mortgages through a Ltd based on my being a contractor (ie I can often go several months out of contract).   I do have sets of accounts from my accountant that shows total income of just over £52k for the last couple of years and expect the same for 2021 tax year.  I want to get going, but want to make sure there will be no issue with my work status, as I got burned a couple of years ago on a residential mortgage application when trying to move house, ie. my affordability at the time was good, credit check top noche, but I couldn’t tick a box of having a permanent job.   Also is there any way to get ‘pre-checked or pre-approved’ as it were for a BTL mortgage through a LTD without having a specific property in mind.  

    Many thanks

    Dawn

    1. simon allen

      simon allen

      Hi Dawn

      I arrange BTL mortgages for many contractors who are in a similar position to you. The lender is interested in the amount on your annual tax calculation and how your bank accounts are operating.

      Preapproval is possible with some brokers but all it means is that you have passed a decision in principle on that day and in my opinion is pretty worthless. You need to reduce as much as possible the amount of credit searches against you.

      I've seen numerous new clients come to me where their previous broker has pre-approved them on a regular basis and when a suitable property has been found it has affected their credit file and they have missed out on their first choice of mortgage.

      If your credit file is completely clean, all your payments are up-to-date and have never been missed that will be acceptable to most lenders. As you own property already that is another tick in the box.

      I'd start looking for property as that is the hardest part.

      Regards Simon

  3. Hi James. There are two definitions of portfolio and you are getting them mixed up. Once you hit four mortgaged BTL properties the lenders class you as a Portfolio Landlord. All it means is the lender will pay more attention to the whole portfolio looking at the overall loan to value and rental cover. Occasionally you may be asked for additional information which includes a basic business plan, asset and liability profile, schedule of properties and cash flow. All the lenders have their own templates for this and for most just need a property schedule. A portfolio mortgage is on
  4. It's through brokers only and rates etc are dependent on eligibility. Late 3s with a fee and mid 4s with no fee at 75% LTV. If you work in the south and get paid in Euros then no option unfortunately. Buying in 12 months time is too early to secure rates and hopefully you may have more options then. But as it's taken 15 years to get one I wouldn't hold my breath.
  5. Hi Stuart/Paul Yes you have options for borrowing within a limited company in NI. Minimum valuation is £75,000 and maximum LTV is 75%. Rates aren't extortionate. If you need more information by all means contact me.
  6. Thanks Seb. My number is on this this thread and I've sent a message to you with the rest of my details. Regards Simon
  7. Agree with Stuart. Your situation does not cause any issues with Ltd. company lenders.
  8. Hi Seb. I'd be happy to assist you with bridging. In the past I used to run a national bridging company and now arrange it for my clients who are all developers, investors and landlords. There's lots of information online about me and the business and I've arranged finance for many Property Hub members over the years. Regards Simon
  9. Thanks @Stuart Phillips Happy to chat @arjunb. I do a lot of bridging and use to run a national bridging company so have a different approach when finding suitable lenders for you.
  10. As a broker who specialises in limited company market finance having personal rental income in a limited company will reduce the number of mortgage lenders available to you. Most lenders will request your property portfolio where they will identify the personally owned properties. They have already seen them on the credit search but when it comes to looking at your bank statements the income won't be there. That will make them suspicious and you will either get questions or a decline. Some lenders class this as tax evasion and it's not something you want to be accused of. If you are looki
  11. Good question and yes there are potential issues. When remortgaging the property as you pointed out the lender will want to know why and a lot of them class the money going into a limited company to buy property as business purposes and won't lend. If you are buying within your personal name it's not an issue with most lenders. There are lenders who will release capital for you to buy within a limited company.
  12. Aldermore on a purchase has this policy "Aldermore will instruct its own Conveyancer, the applicant will be responsible for the total conveyancing costs required to undertake the mortgage transaction." Dual representation is not a phrase I particularly like, as it has two completely different meanings depending on the lender. Some lenders interpret dual as the same solicitor acting for both parties whilst others class it as one solicitor per party. Every lender has its own legal panel and this may be as low as one or every solicitor in the UK, as long as they have a particular numbe
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