I would love to find out more about the differences in buying a property as an individual /limited company . You’ve mentioned difference in tax etc. But there is soooo much more that I would like to hear about 🎉
Good video. Only thing to note is when changing use class to a HMO then refurbs will include all fire safety aspects, like fire doors, smoke alarms in every room etc. with 2 tenants I’d imagine that wasn’t the case
That’s true, great point. I always install fire regs in my properties such as doors etc. Especially this one as I knew I would be applying for planning permission.
Great video and explanation. Hate to be that guy, but just so you know the refinance was £2500 not £2000. So all numbers are £500 more but it’s minor, thought I’d raise some you were aware. Great content and information 👍🏼
Hi Lew, correct and just to confirm after running through the mortgage terms, the valuation fee on this refinance was actually free! Therefore refinance costs are still £2000 for this calculation. I would also add that it’s quite common to find valuations free from some lenders when refinancing!
So using the prices in the video as an example, can you explain how a bridging loan would work please? So let’s say I take out an £80k bridging loan (£50k purchase + £30k refurb), would I then use the 75% LTV to pay off what was left of the bridging loan?
Correct - The interest rate is 3.09% on an interest only mortgage. Remember this property was secured in 2021 when the Bank of England base rate was almost 0% 😄
Great point - you would usually be allowed to do this. However, the agent made it very clear that they would need in-person letters to be dropped off before 12.
No, you can choose this option but for me it’s easier and cheaper to source my own energy company and to pay them directly. Apart from this, the management company does everything else
