Refinancing BTL when beneficial ownership has been moved into an LLP

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    Refinancing BTL when beneficial ownership has been moved into an LLP

    I moved the beneficial ownership rights to my properties into an LLP two years ago in response to section 24; however, my existing broker is unable to obtain a new mortgage for one of the properties as the tax computations associated with my SATRs now have a line for 'income from partnership' instead of the usual income from property.

    Does anyone know of a lender or broker that can help?

    Many thanks

    Steve

    #2
    Try asking the LLP's bank .

    Comment


      #3
      Originally posted by Gordon999 View Post
      Try asking the LLP's bank .
      Just a having second thoughts. If the rental income belongs to the LLP, its the LLP which should apply for the mortgage . Try sending enquiry to "Mortgages for Business" to ask if they can help ?.

      Ask the tax office if they have another SATR form which includes income from property .

      Comment


        #4
        Rather than just picking a brokerage out of the media even though they are good , I can advise that the following lenders will consider applications where the property is owned by a Limited Liability Partnership:-
        Aldermore Bank
        Axis bank although you must show ownership of a minimum of three BtL's
        Keystone Property Finance
        Vida Home Loans

        In addition there is Landbay and Newbury Building Society.

        If you have a positive relationship with a broker get him to investigate but in return negotiate a reduction in his fees to you given that you have provided the relevant information.

        Best regards

        Comment


          #5
          That's very helpful. Many thanks.

          Comment

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