Terrible time with council tenant and shock at how law treats landlords15:32 PM, 9th January 2019
About A week ago 40
For around 2 years I’ve plagued myself on and off with the idea of ‘taking the leap’ and investing in my first buy to let property.
I’m a 27-year-old Engineer and true to form, I must research everything inside and out to understand the market before I can decide to get involved or even pass comment.
So after focusing on this topic on and off, I keep coming to the same conclusion – form a Buy-to-let ltd company or transfer beneficial interest to my wife, who is a lower rate tax payer (just about). I’m quick to rule out the latter, as I’d like to start with two properties in a manageable time frame and expand as and when the finances allows to make-up for our poor pensions, which this will no doubt push my partner into the higher tax band.
So X X X Ltd, needs to be formed. More research. Bang, the journey comes grinding to a halt.
I cannot find any company, which will provide mortgages to a private ltd company in Northern Ireland.
I’ve spoken with my own bank, who stipulated the company would need 12 months trading history before they would consider lending.
And then my engineering head comes into play and I think I could just pursue one of the other options, but my personality complex is holding me back through fear of making the wrong move, and I must admit, it’s crippling.
I’d like to hear from anyone who is in a similar position.
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