Ltd Company or not ???

[neil_propertyviewernorthwest]

Hi all, 

 

Ok, where do I start? Me and my partner have 1 BTL in our own name and are living in a property that we own outright. I also have started a Ltd company with my brother and cousin of which we have 3 BTL there.... about 5/6 months ago my parter had a brain tumour and was diagnosed with 6/12 months to live and I was devestated, as we have two kids under 10. I have reduced my hours at work down to two days a week in order to look after my partner and dropping the kids off/up from school and to be fair my partner has recovered from the initial operation very well although she is undergoing 6 months of chemotherapy and if it wasn’t for the hair loss I don’t think to an outsider you would of been able to tell as my partner was never that active (sports/running etc) So the more I think about it I can’t ever see me going back to work at least not for the next 7-10 years. Fortunately I had life insurance for my partner of which they have paid out and am thinking of using some of this to buy a couple of properties in the hope that me and my family can live of the rent at least partially until I am in the position to return to work full time. Alternatively I could take equity out of my residential property and buy a handful of terraced houses? 

 

The question is is should I start my own Ltd company up or purchase these in my own name? Also my salary has gone down to just over @ £18k plus I have the income from my BTL but I still think this may take me under £25k limit that is required by most BTL mortgage company’s although I haven’t really looked in to this? 

 

Thanks for any advice...

 

Neil