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simon allen

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About simon allen

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  • Birthday September 1

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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

3,583 profile views
  1. I've just done 14 for a client and no issues. I wouldn't worry about it as plenty of lenders. I think your broker is thinking they may affect your credit score but not my experience of doing multiple applications on a regular basis.
  2. Try this Gary https://www.rla.org.uk/taxcentre/property-accounts-spreadsheet.shtml
  3. You can remortgage within 6 months with many lenders. You can also sell but some lenders won't do a mortgage unless the seller has owned it 6 months but plenty can.
  4. BRR is really easy if you get the end values!! If you don't it's a strategy that is more longer than short term. Dennis asks an important question, so difficult to reply without knowing the answer. As a portfolio landlord, most lenders want the following: LTV across the portfolio to be no more than 75%-80% LTV Proposed mortgage debt x 8% to be equal to or less than current gross annual rental income I say most as many lenders have different criteria. Some harsher others are more lenient. Also, be wary of early repayment penalties on your current mortgages.
  5. Hi Michael I deal with this daily and it's not easy to recommend a lender as it all depends on his financial standing, location of property and terms of the lease. It's a good LTV so if the lease has 10 years + to go I'd look at Nat west or Lloyds. If less then different lenders. It will be on repayment and watch out for the term of the loan. Some will only do 5 years but with payments structured over a longer term.
  6. There are some lenders when you can go direct but most of them are more expensive than going through a broker. Also it's not just about rate but the process, what to look for, what not to do, how to choose a solicitor etc
  7. It's an accountants question as everybody's circumstances are different. There are many lenders who will look at the structure as it is now.
  8. Bullet definitely dodged with the other broker.If the existing tenant is on an AST and your solicitor is happy with it, then plenty of lenders are available. This is an extract from one lender: "Purchase applications where existing tenants will remain are accepted, subject to a new tenancy agreement being signed on completion or the conveyancer confirms the benefit of the tenancy agreement is transferrable to the borrower as a successor in title to the original landlord"
  9. I deal with these daily and have been doing limited company finance for 25 years and I've never come across a BTL lender wanting share capital instead of director's loans.
  10. What happens if we decide we want to sell it in 10 years time? No different to owning personally "What are the tax implications? how can we avoid paying a load of tax? what if I want to pass it down to my children? what are the implications there? You have to talk to an accountant as everybody is different.
  11. Here is their panel http://www.vidahomeloans.co.uk/intermediaries/conveyancing?filter=A and there is a search function based on postcode.
  12. Thanks, Derek. Very kind of you. Mark As a broker who has been doing finance since I had hair, limited company BTL is personal BTL with a few add-ons. I say it's personal because all the decision making is on the directors/shareholders. A lot of solicitors make it difficult for themselves especially those who have experience of dealing with limited company transactions for the banks and larger deals. Subordination is quite common in larger transactions but not yours. Lenders who have been around for a bit have more experience of this and have fine-tuned their processes. New lenders who have been in the market for a short period are still learning. If it's the lender I'm thinking about there should be no reason, if this is resolved to remortgage with them. Your broker can ask them. Your four points are very good and I agree with them all, although some lender's solictors are very good. When there are issues lender, broker and solicitor should get involved to sort.
  13. Hi Roger What you are proposing to do is straightforward and very common. You get more lenders if both happen at once as well. You just need to make sure that your rent will cover a BTL mortgage, as not just based on LTV and that your income covers the new residential mortgage. Correct on stamp duty although talk to an accountant as there may be other ways to structure it. Talk to an FCA regulated broker who can give you help. I'm happy to chat if needed.
  14. Hi Lucy A very common question and there is no legal way around a mortgage for a flip. It's bridging or cash. If you use a mortgage it's mortgage fraud and you risk being blacklisted by the lender which will mean no more credit. It's difficult to comment on your numbers as you don't mention the refurb costs but my initial feeling as a landlord and broker is you need more money. On a £80k purchase you would need a £30k deposit and funds to cover lender's interest and fees up 20 12 months which is another £7k plus legals, refurb etc.
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