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  1. Thanks Haf - thats good to know. Thanks Adam - good advice. Will check T&C's, and idea to approach a small local agent sounds good. The cost for the portals is quite high for a small starter agency. So looks like it will mean getting the landlord to agree to provide proof of ownership. That will be an interesting hurdle to tackle, but would be worth it for the cost saving for all involved.
  2. Thanks Haf. Do you personally manage on behalf on others? If so have you found issues with clients agreeing to this type of arrangement?
  3. Hi all, I'm going to self manage a couple of my btl's in the near future. I will use openrent to make the listing onto the big portals. However at some point I plan to offer full management and letting to family and friends on a fee basis. Can I still use openrent to advertise listings for them? Or do I need a proper signup to rightmove/zoopla costing hundreds a month?
  4. Great, thanks David. Brilliant advise and exactly the kind of well constructed and thought out reply I was looking for.
  5. Hi All, I plan to setup a limited company to buy, sell, let out my own properties. However I would also like to take on management of properties for others. Any income received for that I will keep within the company and use it to make further purchases in the same limited company. Would HMRC be happy with this type of arrangement? Is there a limit to what the limited company can do in terms of other activities related to real estate? For example if I then decide to use the same company to sell a property on behalf of a client, where do I stand on this? If it's not frowned upon by HRMC then this would be great, as I don't plan or removing anything from the company and will re-invest any income. Would be good to hear thoughts on this. Thanks.
  6. I'm hearing good things about Mettle. No fee's at all and gives free access to Freeagent.
  7. True. Always best to do a bit of research once your broker comes back to you with a product. From what I understand, there is no way to avoid this commission is there? As far as I know there are no cashback mortgage brokers out there that will give you a cut of their commission if you go with them. In fact if you go direct to the bank offering the product, the only bank wins as they no longer have to pay your broker a fee! So they make even more money! I'd rather go with a broker and let him earn a cut than the bank taking it all. And also going direct to bank each time means more work for you, in terms of paperwork etc each time you get a mortgage. As long as they are honest and offer whole of market, the fee is whatever the bank for that recommended product is. So not sure what OP means by a broker quoting a fee? Does she mean that's what was shown in the illustration, and she finds it excessive? Or is this a separate adviser fee?
  8. Don't brokers just get paid by the bank? On my mortgage illustration break down it shows a product fee and then the commission that is paid to the broker for doing the leg work. I was under the assumption this fee is based on the size of the loan, but either way the client doesn't pay this additionally, but is paid to the broker by the bank.
  9. Thanks Stuart, that seems like sound advice! We are still young at the moment, so appetite for risk is there. Based on your advice maybe we can consider being interest only for 5 years and then when it comes time to remortgage we can flip to repayment. So I guess use the income to grow reasonably quickly in the 1st 5 years and then once we have built up a sufficient portfolio ease off and maintain at that level and start repayment. Cheers!
  10. Hi Stuart, Thanks for your response. The residential property is valued at £900k. Also forgot to mention the property is mortgage free. My mortgage adviser says I will be able to get it on interest only. I wanted to know if doing interest only on the residential mortgage is a good option. My thinking is it free's up a lot of cash flow to re-invest into other properties. If I go for repayment it slightly defeats the purpose of releasing the equity in the first place, if all I'm doing is then using quite a lot of the profits from the BTL to pay back the repayment mortgage on the residential property. If interest only, then from my calculations, 1 property's net profit after tax will clear the interest only payment on the residential mortgage. However if I go for repayment it will only be after the 4th property that I will be producing cash flow. The 1st 3 properties will simply pay off for the repayment on the residential! Whereas with interest only, after 1 I will be cash flow positive and be able to use the surplus to fund more purchase, invest in other opportunities.
  11. Hi, Planning to remortgage my residential property and release 400k in equity to build a BTL portfolio. Need advice on whether to do a repayment mortgage on that 400k or interest only. I'm primarily looking for cash flow to further purchase additional properties. Doing a repayment on the 400k will massively eat into the net profit of the BTL income. Does it make sense to do repayment only? Anyone been in similar situations, what are the pros and cons. Thanks
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