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About jonnyboy

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  1. Yeah so I have my own solicitor who was doing the purchase and then I found out they aren't on the mortgage company panel. Pain. And it's that solicitor that is saying that the mortgage must be paid back before any director loan. I've found out that my solicitor was on their panel. They are trying to find out what happened. Hopefully it will work itself out. Yes, I'm purchasing a BTL.
  2. That was my understanding too. This is something the mortgage company solicitor is saying. The one I may have no choice but to go with. Cheers
  3. Thanks Conrad. My thoughts are that any excess cash in the company can be used to reduce the directors loans. What it sounded like to me was that I couldn't do this as I would have to reduce the mortgage first. I don't think that's right. If I have a 20yr interest only mortgage and cash building up I don't see an issue with reducing the directors loan account but maybe I've misunderstood all this.
  4. I've just been speaking to a solicitor who has told me that a directors loan can't be repaid before a mortgage. Is this the case?
  5. Hi I'm mostly through the process of purchasing a property and have now found out that my solicitor is not on the lender conveynacer panel. I really don't want to have to pay to terminate my contract with my solicitor as I have to pay 75% of their cost and the lender solicitor is charging me practically the same amount whether they are acting on the lenders behalf only or mine and the lenders. Have they got me over a barrel? How do I avoid this in future? Is there anything I can do about this? Is this a common problem? Thanks Jon
  6. I'm in South Wales so bit far Have you used Howdens for kitchens? If so how did you find them?
  7. Hi I'm planning a refurb of a property in a few weeks...provided the purchase goes through. I've seen some talk about Howdens kitchens and Selco but not sure what is the best options. I don't want to spend loads of money on the kitchen as it will be a rental but I do want it to look good for a revalue after 6 months. Any advice on where to go? Thanks Jon
  8. I'd also be interested to know what the situation is with this as I'm just in the process of buying another with the intention of doing the same thing in 6 months.
  9. Thanks for the replies everyone. To update on this. After checking the prospective tenants we found that they didn't have much income and we're in their overdraft so it didn't sound good. I'm all for a 2nd chance also but this was too risky. Went with a different tenant in the end.
  10. Hi all, The property I'm looking at is liveable but you wouldn't want to live there. Looked at the property on the weekend and basically the current single story extension needs to come down. It's awful. I'd like to replace it with a double and half extension. Bathroom kitchen downstairs and a bedroom upstairs. I think this is classed as heavy refurbishment. Will I get a mortgage on this? Or is it a bridging product I need? What is the best option for me? Thanks
  11. Hi A couple want to rent our property but one of them has an IVA. Should this put me off renting to them? Thanks
  12. I use Natwest as it's free for 18 months. It also means you can use Free Agent for free which is nice. At the time we setup Starling didn't allow multiple account holders but I think they've just changed that.
  13. Do you mean mortgage brokers? I have an ltd and haven't had an issue getting mortgages on my two properties this year. Want the brokers details?
  14. The plan would be to BRR. It's a good area close to a thriving high street so it's actually a good opportunity to let even without much rennovation.
  15. I'm thinking about buying a house in a "Cemetery Road". It looks like it needs a little refurb but not a lot. It's currently on the market for 68k. It's a 3 bed terrace. 3 bed terraces in the next street are up to 190k. I can't think why there would be such a huge difference. So...do street names have a negative/positive effect on a properties price? Cheers Jon