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Andy Norman

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Profile Information

  • Location
    Pudsey, West Yorkshire
  • Property investment interests
    I'd class myself as a small scale, investor rather than a full on property tycoon or hands on landlord. My current focus is building my own BTL portfolio but I am keen to know more about all sorts of property options.

    I have four small property investments - a flat and a mid-terrace house in Bradford that I bought in 2006/2007, a 3 bed terrace in Preston that I purchased with the help of RMP in 2014 and finally a 3 bed terrace in Leeds that used to my own home that I switched to a BTL in 2015.
  • My skills
    I've owned investment property for over 10 years and I'm a good organiser and love dealing with people.
  • My goals
    To have a property portfolio that gives be financial independence by 2025.
  • Interests outside property
    My partner and I love endurance trail running, for example www.hardmoors110.org.uk

    We completed our first Ironman distance triathlon on 2015 and will be looking to do more in the future.

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  1. I've just come across a website called https://www.walkscore.com/ that shows you all the things within walking distance and gives the location a score, basically as the name suggests! There's also nice little travel time feature with various transport options: Good for assessing an area and also for marketing the property to tenants or buyers.
  2. I've read through draft PRA proposals and CML response (as highlighted by Richard) and the response includes the following text "To avoid existing borrowers being adversely impacted when remortgaging, the proposals referred to in paragraph 1.7(i) do not apply to buy-to-let remortgages where there is no additional borrowing beyond the amount currently outstanding under the existing buy-to-let contract." But as "different lenders may set their own higher criteria" and some may go along with this, or restrict the products available when remortgaging, perhaps we should still aim to have 145% cover at an interest rate of 5.5% anyway, to keep the majority of options open. It's probably quite a sensible affordability target in any case.
  3. Thanks Richard, that's great info. BTW, I'm enjoying the new series of the Property Voice Podcast and it would be good to catch up with you soon, it's been I while since I went through your excellent RWPT training Best wishes Andy
  4. I think the easiest way to check the maximum loan you can have is: 150 x your pcm rent (as 12 months / 145% / 5.5% = 150 ). For a quick mental check try 1.5 x pcm rent and then add a couple of zeros e.g. £600 pcm x 1.5 = £900 > £90,000 max loan
  5. I was at a TGPC event this weekend and we were discussing the proposed tightening of lending requirements, where the lenders will require a rental cover of 145% at a stress interest rate of 5.5%. Some lenders may already be asking for this. For new mortgages we'll be able to factor that in when assessing the deal and finance options but have you given any thought to your current fixed rate mortgages that will be coming to an end at some point? If you cannot meet the new requirements you may be stuck on your current lenders standard variable rate and become a "mortgage prisoner"! to calculate your current cover = current annual rent / (mortgage debt x 5.5%) e.g. for a £100,000 mortgage and £600 pcm rent = £600 x 12 / £100,000 x 5.5% = 131% cover < 145% = prisoner! In this case you'd need to reduce the debt to £90,000 or increase the rent to £665. Note, this example happily exceeds the old 125% rent cover requirement even at 5.5%
  6. In case anyone else needs an SDLT formula this should do it: =IF(B9>1500000,138750+(B9-1500000)*15%,IF(B9>925000,64000+(B9-925000)*13%,IF(B9>250000,10000+(B9-250000)*8%,IF(B9>125000,3750+(B9-125000)*5%,IF(B9>40000,B9*3%,B9*0%))))) where B9 is your is your purchase price. Andy
  7. Hi Dave I've heard great things about Simon's company Optimise but if you want someone in Yorkshire then I can thoroughly recommend Gavin McBride of Smith McBride 01423 867542. They are based in Knaresborough which I know North Yorks rather than West but Gavin comes to Leeds a lot and I'm sure he'd be happy to meet you for a introductory chat. Good luck Andy
  8. I recommend that you have a word with Howard Bowes of Harvey Bowes. They are experienced property investors as well as brokers so will understand your situation. Here's their facebook page if you want to take a look first https://www.facebook.com/harveybowesltd/ Howard is actually the leader of the South Wales Property Meet, or was until recently. BTW I know him but am not associated with his company.
  9. Unfortunatley the 3% SDLT surcharge is now a cost of being in the property business. We just have to factor it into our deal analysis.
  10. Hi Tim Yes your company must have at least one director and a company limited by shares must have at least one shareholder, which can be a director. Take a look at the GOV.UK website for all you need to know. Note: my wife is the other director in my limited company although she does not work in the business. This gives us more options for things like taking dividends etc. As I understand it you'll need a new personal guarantee for every new mortgage application, so you need a new one if a property deal falls through However you may be able to agree a deal with your solicitor on the price!
  11. Hi jj I was informed that the acceptable SIC (Standard Industrial Classification) codes are: 68100 Buying and selling or own real estate 68209 Other letting and operating of own or leased real estate 68320 Management of real estate on a fee or contract basis I have selected 68209, as you mentioned, as this is the primarily part of my business.
  12. Great and timely episode as I am currently applying for my first mortgages via my Limited company, which has been specifically set up for holding property. I didn't have the SIC in place but that was soon remedied by asking my accountant to file a confirmation statement. I had been planning to get this done at the same time as filing my accounts to keep things tidy but never mind. The one thing that I wasn't aware of that also wasn't mentioned in the podcast was the need of "personal guarantees". I'm getting limited company BTL mortgages with Paragon and Precise and they both require personal guarantees, from all directors, for each mortgage application. This is essentially a letter that you need to sign, in the presence of a solicitor, to confirm that you have had legal advice and that you are personally responsible for the mortgage payments/repayment if your company is unable to cover them for some reason. Not a major hassle but this may require a visit to your solicitor and will probably incur additional fees, I've been quoted £200+VAT per guarantee. Also, you'll need a different solicitor from the one that is dealing the conveyancing for you, although you may be able to use one from the same practice.
  13. Thanks Stevo I've now listened to this interview 3 times and passed it on to many others.
  14. We discussed LNPG at a recent Leeds Property Meetup (7pm, 1st Thursday every month at The Crowd of Favours) and while they do offer excellent value a few people mentioned that its worth pushing for even bigger discounts. New members may get say a 50% discount and think they have a good deal (which the probably have) but longer term members or those that push may get a 70%-80% discount and a great deal. Note I've not used them myself and am just passing on the comment.
  15. I think Richard has given some sound advice - see if you can work with the charity to give them time to find an alternative home. However you also need to make sure that you have everything in place so that could evict them if that becomes your only option.
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