User Profile

[loanarranger]

I agree with JPKeates that holding property in an SPV ensures that both directors provide 100% guaranteees for the payment of all associated costs, not least the mortgage, and even if there is a breakdown in the relationship, the liability on each continues until the assets are sold, debts repaid and...

[loanarranger]

I believe that the established SIC code is considered to be akin to the official M&A which is why there are a number of lenders who accept Buy to Let applications via companies which have just been registered : as I have said I cannot recall one instance where the lender has sought the M&A and...

[loanarranger]

As a broker I can confirm that I have never had any request for supporting documentation, lenders check on Companies House to check the company and the relevant SIC code, once satisfied the focus is directed to the Directors and Shareholders if the latter holds a minimum of 20% of shares, seeking Self...

[loanarranger]

I am sorry that I couldn’t give you any advice which would have enabled you to move more quickly but my advice is genuinely given knowing the mind set of lenders and their respective criteria.

[loanarranger]

I concur with what JPKeates has said, my standard advice is always have a face to face conversation with either a Chtd or Certified accountant and discuss your planning and understand the pros and cons of using an SPV for the purchase.

[loanarranger]

Without wishing to stating the obvious but the company has to be at least registered at Companies House showing the specific SIC code(s), until that is done there is no point in submitting an application and unless the proposed lender doesn’t do a formal hard credit check on you at the Decision inPrincipal...

[loanarranger]

Sorry if I appear pedantic , nothing directed at yourself whom I respect for your constructive advice.

[loanarranger]

As DPT57 has suggested Loanarranger comes over the hill but without Tonto, he has retired .

I am somewhat surprised that having obtained a Consent to Let your lender granted a new Fixed Rate , normally the practice of lenders is to. stop any rearrangements until the property has returned...

[loanarranger]

I am sure your Investment Advisor has told you but to check have you ensured that the SIC code is one of the designated codes for the company , check up the classifications if in doubt

[loanarranger]

Whoever receives the Service Charges would normally have a sinking fund from which essential repairs or maintenance would be paid and if that is exhausted then yes the shortfall is normally shared between the individual leaseholds, but as already intimated much will indeed depend on the terms of the...

[loanarranger]

Yes I am indeed a broker who specialises in BtL funding , I am more than happy to guide you with funding options but unfortunately I am not for the present taking new clients because of the level of current business and as a one man business I try to give a personal service to each client and I fear...

[loanarranger]

Based on the information you have provided your income certainly exceeds the minimum thresholds for many BtL lenders, in reality HSBC is a good lender but it would based on your comments indicate that they are being ultra cautious.
As long as the figures can be shown for at least the last two...

[loanarranger]

Unfortunately Regulated Buy to Let Loans cannot be accommodated by using a commercial holding entity.

[loanarranger]

If the property is a BtL I think you might find the lender may raise a number of questions resulting in a No, better check before you take this step

[loanarranger]

I agree completely with DPT57 , it can’t be considered as a MUFB given the intention to make the main element Being a 6 bed HMO and therefore will require a license. This should not deter you given that there are several lenders who will consider such lending depending on you meeting criteria where...

[loanarranger]

This evening I undertook research into the possibility of the OP buying a property where the sole intention is to House his elderly father. I am able to confirm that there are at least 12 very reputable lenders , some being smaller building societies who have niche criteria, where the BtL will be classed...

[loanarranger]

Good suggestion but the devil is in the detail, it isn’t just the rate it is the associated fees that count and what the total costs are over the period of the incentive period , but at least the mail and Times are good starting points.

[loanarranger]

Gordon999 I didn’t know Barclays or Virgin offered Consumer Buy to Lets even at 60% LtV , it certainly doesn’t appear on my mortgage sourcing systems including Knowledge Bank. I must check with them for accuracy.

[loanarranger]

Is there no reserves in the Service Charge account...

[loanarranger]

As you have detailed , where the property is indeed let to three or more persons and are unrelated then it is a standard requirement that the property needs to be considered an HMO and now Croydon has implemented an Article 4 Directive that is going to make you review your letting arrangements going...