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Re: Living In The UK: Property,Mortgage And Related by hustla(m): 9:22am On Feb 25, 2023 |
How does your credit score help when buying a house? |
Re: Living In The UK: Property,Mortgage And Related by dustydee: 3:49pm On Feb 26, 2023 |
Can someone with help to buy buy another house using a limited company? What are the disadvantages of buying a house in a business name rather than in your name? |
Re: Living In The UK: Property,Mortgage And Related by Bourne007(m): 5:01pm On Feb 26, 2023 |
Yes you can if it's BTL If it's for residential purposes, not sure but I doubt. It is expected that your HTB home is your only residential property. Plus Ltd are typically available for 'Special Purpose Vehicles' so might be difficult to get. dustydee: |
Re: Living In The UK: Property,Mortgage And Related by dustydee: 5:13pm On Feb 26, 2023 |
Bourne007:Thank you. It will not be residential. Please can you explain what you mean by Limited are only for special purpose vehicles? |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 5:20pm On Feb 26, 2023 |
I don't have firsthand experience. However, I can chip in pending when the gurus comes on board. - By buy another house, are you referring to BTL or a second 'home' - 'Landlord ltd' or 'special purpose vehicle instrument' as it's called is often used to 'reduce' company tax obligation - claim interest on a mortgage as an expense - 'evade' the extra charge in stamp duty - be prepared for more 'paper works'. Well, what are accountants for! dustydee: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Bourne007(m): 5:42pm On Feb 26, 2023 |
A special purpose vehicle (SPV) is simply a regular limited company which is used solely for a particular purpose. In the case of property investment, it's used to purchase, sell and rent out properties. dustydee: |
Re: Living In The UK: Property,Mortgage And Related by dustydee: 6:24pm On Feb 26, 2023 |
Bourne007:Thank you very much. and @semmyk |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 7:55pm On Mar 15, 2023 |
Crosspost from Living in the UK: long and short, be #streetwise out there. rayralph: kode12: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Santa2: 11:09pm On Mar 15, 2023 |
I have been looking into the First home scheme. Its supposedly a scheme started in June 2021 strictly for first time buyers where the buyer gets 30% - 50% discount on the cost of the property. But it not as much known as because of the HTB scheme was more appealing. There exists a caveat though, you can only sell to a first time buyer and would have to apply same discount as you were given. Looking at the possibility of getting an broker to get more clarity and possible options. 2 Likes |
Re: Living In The UK: Property,Mortgage And Related by Nobody: 7:08am On Mar 16, 2023 |
Confirmed that Barclays lends on 10% deposit to Tier 2 people, with a minimal 2 year residence in the UK. 12 Likes 1 Share |
Re: Living In The UK: Property,Mortgage And Related by Santa2: 9:04am On Mar 19, 2023 |
koonbey: I understand Natwest does 5%, doing more research on it. 4 Likes 1 Share |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 11:56pm On Mar 19, 2023 |
Thanks for highlighting this - First Home Scheme. Adding to first post. I checked it up on YouKay Gov - https://www.gov.uk/first-homes-scheme @Ticha, any insight on this. Interestingly, Ireland has a similar scheme! https://www.firsthomescheme.ie/ Santa2:
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Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 9:52am On Mar 20, 2023 |
Santa2: Yeah, there's also a maximum household income cap. So if your combined income is high, you don't get it. One has to confirm that it's not public funds too especially since the Council are kinda controlling and allocating the scheme 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Ticha: 10:38pm On Mar 21, 2023 |
semmyk: This looks very interesting! 2 big fish hooks - you will always sell at a discount and to another first home buyer which in theory is ok but majority of people rely on the equity from their first home to buy their next one. In a market where prices are stable and or declining, you'll actually be selling at a loss. This would translate to people not doing up the houses - any monies spent is lost as renovations almost always does not translate to equity uplift unless it's huge renos. Plus being fr only first home buyers totally narrows your buyer pool. My advice will be to only go for this if you know you'll live there for a very, very long time to negate the impact of the discount. 3 Likes |
Re: Living In The UK: Property,Mortgage And Related by AgentXxx(m): 8:30pm On Mar 24, 2023 |
Very much interested Ma dduchess90: |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:24am On Mar 25, 2023 |
Crosspost slimanyd:Focus, strategy, tenacity, resilience semmyk: semmyk: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:50am On Mar 25, 2023 |
AgentXxx: dduchess90:Thanks for bringing this up again. It went off the radar. Below are some research. Not firsthand! I'll say: get a foot into property ladder/chain, probably. Way to go, probably not Dduchess90, over to you Unbiased: Shared ownership: downsides? · 1. You are still a tenant · 2. Stamp duty · 3. Service charge · 4. The lease · 5. Sub-letting YouKay GOV.UK: Shared ownership homes: buying, improving and selling You can buy a home through the shared ownership scheme if you cannot afford all of the deposit and mortgage payments for a home that meets your needs Share to Buy: What is Shared Ownership? Shared Ownership allows you to buy a percentage of a property, paying a mortgage on the share you own and rent to a housing association on the remainder Homeowners Alliance Shared Ownership: What is it? Is it worth it? Shared ownership is a great way to get a stake in a property when you can’t afford or can’t borrow enough to buy outright on the open market. There are, however, common complaints from people in shared ownership schemes. This guide points to the pitfalls you’ll want to avoid... What are the downsides to shared ownership? · 1. Maintenance charges · 2. No renting allowed · 3. Buying up increased shares in your property can be expensive · 4. Restrictions • 5. risk of negative equity • 6. Selling 3 Likes 1 Share |
Re: Living In The UK: Property,Mortgage And Related by Santa2: 6:18pm On Mar 25, 2023 |
Solumtoya: Yea, We decided to go with just one person to apply as the lower earner of us is almost at income cap. The developer/broker would smooth the case with the council to allow acceptance from only one of us. Its not council funds, it like help to buy. Also you apply same % discount you were given when selling. So if the value of your property increases from 250k from your time of purchase to 350k when you want to sell, you apply 30%(or whatever discount you got) to the 350k. There have been cases where the price of the property increase so much that the income potential of proposed buyer was so high, therefore reduced the size of potential buyers to a small pool, the council gave the sell authorization to sell in the open market. Oh yea.. and a downside is that you can only rent the property for a total of 2 years through out your ownership. This has gotten us think twice about this scheme, part of the motivation was eventually using this an investment property when we upgrade. We mooooove 3 Likes |
Re: Living In The UK: Property,Mortgage And Related by Viruses: 10:11pm On Mar 25, 2023 |
shaybebaby: Interesting. |
Re: Living In The UK: Property,Mortgage And Related by Newbie123: 10:18pm On Mar 28, 2023 |
Coming to book space here... 7 months in the UK, years from now, i'l refer to this comment. Thanks senior bosses for all the work and time you put in here to help others 3 Likes |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 7:55pm On Mar 29, 2023 |
From 1st post on this thread. Numero uno semmyk: slimanyd: emperorlaqrin: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by emperorlaqrin: 8:49am On Mar 30, 2023 |
semmyk: |
Re: Living In The UK: Property,Mortgage And Related by HollyMadison(f): 10:46am On Mar 30, 2023 |
Hello experts. Please for a Moneybox account opened in June 2022, can I still get the 1k bonus for this batch? when can I get the bonus? |
Re: Living In The UK: Property,Mortgage And Related by abuhusna1: 5:30am On Mar 31, 2023 |
I keep space here for my testimony yet to come 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Santa2: 10:41am On Apr 02, 2023 |
HollyMadison: You will get your 1k bonus so long as you pay in 4k into the account before 5th april. If you dont deposit up to £4,000, you will get 25% of what ever amount you put in there. 2 Likes 1 Share |
Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 7:28pm On Apr 02, 2023 |
Hi @Semmyk. Can you help highlight the pro's and cons of living, renting and buying a council house, please? Thanks a bunch! |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:22pm On Apr 02, 2023 |
AlakeOfEngland:I'll have to research this (tabulate pros & cons) and revert. #JustBeingTransparent I can't promise when. I trust the gurus in the house to fill in though. Buying a Council house comes with getting discounts, very good one. The discount depends on how long you've rented. The snag though is when selling the house if you need to move on. Link: YouKay gov Right to Buy (Council) house This HOA is worth giving a read: Right to Buy explained: Buying your council house 1 Like |
Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 8:32pm On Apr 02, 2023 |
Thanks, mate. We will be expecting your detailed output. Regards. |
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:56am On Apr 14, 2023 |
Crosspost (from Living in the UK) worth giving a thought Lexusgs430:
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Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:21pm On Apr 14, 2023 |
AlakeOfEngland: Don't buy ...... The council would keep slamming you with repair/maintenance bills ...... Above all, the property would be a leasehold property........ Like it or not ..... You must pay ......😁😊 4 Likes |
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