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Andrew Wilson

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  1. Hi Nicholas, That's a really good point regarding tradespeople. Regarding landlord associations, do you have any thoughts/recommendations?
  2. Hello everyone, I'm looking for some advice. Previously I have always used agents to manage properties. I am about to invest in a property close to where I work so can manage it myself. I was wondering what advice people had for someone who has never directly managed a property before. I'm thinking things like being a member of a landlord's association so I can use their guidance and maybe getting something like British Gas Landlord's cover so that if anything goes wrong with heating, boiler etc, I have someone I can call to fix it. Any thoughts or advice would be appreciated?
  3. Hi Stuart, Okay, so I would be looking to use the company's profits as my income (Only people with any stake in company are me and my wife). Let's assume the company's ability to make profits is unchanged post-covid. So, if I've understood, we just don't know yet whether lenders will take bounce-back loans into consideration when considering affordability? Andrew
  4. Stuart, quick question if I may... My wife and I are hoping to move house this year so looking for a residential mortgage. Most of my earnings come through a non-property related limited company and I will be using accounts from my non-property company to prove income. I was considering a bounce back loan for the company and literally doing nothing with the money, just keeping it in my business account as an insurance policy over the next 12 months. Are lenders asking about bounce back loans and would this negatively affect my ability to get a personal mortgage, even if I could
  5. Hi Darren, You're only three years too late! Only joking. That's very useful advice that hopefully lots of people will read. Many thanks, Andrew
  6. Hi Craig, I'd be very interested to see what people think about this. My understanding is that the majority of lenders want directors of the company to demonstrate a certain level of income outside of property and to act as guarantors for the loans. I believe there are limits on ages for personal mortgages. Not sure if the same applies to company mortgages. The other thing to mention is that, if we're looking 25 years down the line, the mortgage landscape is likely to be completely different. Someone who knows more than me, I'm sure, will be able to comment on how it would work if
  7. I'd look at cash flows. In the scenario where you have paid off the mortgage on your home, you may have drastically reduced the amount of money that you need to live off every month. If you wanted to retire, do cash flows from the other two properties and any other income (pensions etc.) sustain you? Do you want to keep working? You need to presumably pay of the BTL mortgages at some point so if you go and invest instead of paying them off, what's your plan to pay them off? Andrew
  8. Hi Laura, Yes, completely agree with you. If you want proper technical advice, I would suggest speaking to an accountant and mortgage broker. However, I'm a big believer in gut feeling. Do your research, educate yourself using the free resources out there (podcasts, books etc) and you'll be in a great position. All my best wishes, Andrew
  9. Hi Laura, All of this is just my opinion and could be wrong. I like 'plan A' and if I were in your position, that would be what I would do. It's great to get into property investment but, in my opinion (which may be wrong), I think you should prioritise your own home first. Finding a house that you would like to live in and making it your home will make a bigger difference to your quality of life than a buy-to-let property. (Just my opinion.) Having said that, let's think a bit more technical. Things that I would consider are... 1. Plan B; if you buy a small house and then go o
  10. You may find that when you start to research in a bit more detail, your plans/ideas change. Be prepared to be a little flexible. I started out looking at city centre flats in Manchester, realised that they weren't right for me and changed tack. (All just my opinions which could be right and could be wrong.)
  11. Hi Tom, Good for you. Sounds like a plan to me. Big thing that has helped me that you haven't mentioned... If possible, keep and save all of the profits from your new company, partly as an emergency fund (for when the boiler breaks or the roof leaks) and reinvest the rest, meaning you can build your next deposit more quickly. Plan otherwise sounds good. I would start doing some research into specific areas you are interested in and whether you're going to start with a flat or a house and whether you're going new build or old house. Stuff like that. Right move and google maps researc
  12. Yes, I was aware of Horden getting a new train station. My personal opinion is that it won't change much. Just my opinion.
  13. Thanks Spasia, To update, I have not done anything regarding these deals in the North East. They are still tempting for yield but I can't see myself going ahead with any. The value can surely only increase if there is some demand and I cannot see the demand for properties in these areas growing. Andrew
  14. Hi George, Now it sounds like you know more about this than me. In the agreement I have currently, I have applied an interest rate of 1.0% PA. It's an agreement that I was given by an accountant. It just says 'Loan agreement' at the top. The term of the loan is interest only for 50 years.
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