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About TommyG

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  1. Thanks Rob D. So in quick summary - this is more beneficial for investors making larger purchases?
  2. Similar to Darren, we'v just had 2 mortgages bounced due to us having a Holiday-let in the same company. Our solution? We've formed a new company, and are re-purposing our current company to be purely 'holiday-lets' and the new company as buy & hold. Appreciate it comes with more overheads, but in the long-run, if we're going to remove the ability to borrow from some lenders, it made sense to sort it now.
  3. We've had Independent Legal Advice (ILA) required on every mortgage, and you'll find that a lot of firms just straight out avoid it as there's little upside for them and mostly liability if you try to claim incorrect advice etc (which we all know is nonsense as they'll have themselves covered, and who's gonna try and sue a lawyer?). We've found local firms that will do it, and it varies in cost based on the amount of pages the lender wants to be reviewed by the ILA solicitor. I'd give anything for a low-cost ILA firm to do it via Skype, but think that there's no feasible way for soli
  4. Not heard of them, but I would ask for examples of previous work, and if possible ask for previous customers you could speak to?
  5. I've heard good things about Landlord Furniture Co - think they do HMO 'packs' for 4 bedrooms at ~£2,800 and it comes with a 3 year warranty (I think). It also includes furniture assembly and fit-out, so you could just give them the keys and let them do it all!
  6. Think there was another topic on this, but we went with Metro to begin with (mostly as there's a branch nearby) and I have to say their service has been excellent. I had an issue whereby I forgot to sign a document in-branch, and I was about to head into London for dinner so couldn't make it into the branch. My account manager from my local branch ran down to my house in a suit so I could sign it before I caught my train! If you park £5k in an account you get something like 50 free transactions a month (plenty to start with), so our plan is to stick with Metro till we hit a larger portf
  7. Does anyone know if Tide allow 2 account holders yet? We looked into it, as we're 2 directors, but it appeared to only allow 1 user. Due to this we went with Metro, as it is essentially free if you park £5k in the account (up to 50 transactions) and then we're looking to move to a better solution once we have more properties in the portfolio.
  8. Hey Nick, You may be conflating the common warning around HMO mortgages, whereby lenders may want you to be an experienced landlord. Regardless, I have been asked if I'm an experienced landlord in application criteria, and I operate in a LTD Co. I've never been warned this would block a product though, and I've definitely been fine when I started with just 1 property i.e. I didn't have 3 investment properties.
  9. Have to agree with Julia - You would be better served putting it in something like a S&S ISA, even in something safe like a high-bond based fund e.g. Vanguard Lifestrategy Income fund. This would outperform the debt on your mortgage, and then when it comes time to remortgage onto a new deal, you can cash out the investments and overpay then when you move mortgage product/lender (or just keep it going until you have enough to pay off the total debt) .
  10. Hi Sumit, So I think your mileage may vary based on your accountant's advice. Both my 'Company A' (Company with excess cash) accountant, and my 'Company B' (Property SPV) accountant (2 different accountants) were happy with me to charge a 0% loan between them (additionally my business partner's accountant also signed off on it). This wasn't based on any legislation, as honestly it is a grey area, but for us the ultimate rule against the loan(s) are: The loan will be paid back (i.e. you won't write it off) eventually - this is important as there was a previous tax avoidance scheme
  11. Just to add another on property - Tej Talks (see what he did there!). It's quite new, but I quite like it as Tej gets 'smaller'/normal investors and they go into detail about how they went from the first deal onto a bigger portfolio, and other useful tips. Other than Property Podcast & Tej, I also quite like Inside Property Investing as it's a bit longer, and Richard's Podcast (Property Voice). Tim Ferris' is really good and has some really great guests on it, and I think Tej uses his format as a bit of a basis for his.
  12. We have similar issues insofar as lenders aren't happy with a loan from our other business as the source of funds (even with a legal statement that the original company has no interest in the property), but they always let us use a director's loan into the business as a source of deposit. It's not advised, but I do know a few people who have gone through it, and ultimately they've just said the funds are from within the business and the loan was used for other things not relating to this property when challenged, but basically just pushed through.
  13. Hmm that's slightly odd, but just to confirm - you usually do this at re-mortgage time (i.e. when you're getting a new mortgage product). And yes, Director's Loans are basically a 0% loan that's tax free into your LTD Co to inject funds for startup. They are not profit, so won't be taxed under corporation tax, so in essence you'll pay no tax in your company on the funds. This will also mean that when you come to pay yourself from the LTD Co, you can just repay that loan rather than attract taxable income (personally). Hope that helps!
  14. Nothing to add, but just wanted to say we use Alan Boswell on our portfolio and they've been great!
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