Priti S

Registered with Property118.com
Saturday 12th November 2016


Latest Comments

Total Number of Property118 Comments: 7

Priti S

10:43 AM, 21st February 2017
About 2 years ago

Straw poll on Mortgage renewal options?

Hi

Since you're comfortable with trackers, have you looked at Godiva/Coventry Building Society? Whilst not a tracker they offer their own Flex for Term mortgages which flex up and down for the whole mortgage term. No early repayment terms.

I have 3, and recently when the BBR dropped Coventry dropped my Flex for Term rates. It must be stressed the product is not a BBR tracker, nor does it track any other rate, but it has the feature of moving up or down. After doing some of the my own checking and thinking I was comfortable with this option.

If the rates changed dramatically, since there are no early repayment charges with this product, you are free to switch out.

Just a thought ..... to add to your mix of considerations ......... Read More

Priti S

19:36 PM, 10th February 2017
About 2 years ago

Re-mortgage questions?

Hi Paulo

We've just done this transaction on encumbered property been remortgaged and purpose of funds is to buy another buy to let at some point in the future. It was no issue with The Mortgage Works.

Feel free to contact my broker about this if you want Steven.sussman@hcf.co.uk... Read More

Priti S

9:58 AM, 26th January 2017
About 3 years ago

BICT Q&A

I like Declarations of Trust and BICT and use them for myself and for clients. Agree with the comments about how tax effective they are. They are great solution for tax planning,

However ....

One thing I've come across is mortgage lenders, when approached about remortgaging or buying another BTL, are wanting information about the background portfolio. From you personal credit file they can see how many mortgages you have, so they then ask for a schedule of the debt o/s and rental income to match this. In a BICT arrangement you're not geting any rent! Having spoken to a broker, he said they're more interested in knowing the market rent your getting so they have comfort that you rent is greater than the mortgage (at say 1.45x). BUT .... I've seen that mortgage lenders are asking to see your bank statements showing rental income being paid in .... with a BICT .... the income will be going to the Ltd Co not you.

Any thoughts regarding this?

Lenders who I know, who request the bank statements to verify not just normal income but rental payments in, include Barclays/Woolwich, TMW, and Godiva/Coventry... Read More

Priti S

23:22 PM, 29th December 2016
About 3 years ago

Mortgage to buy an SPV Ltd Company and property it sits in?

Reply to the comment left by "Shaon Mukherjee" at "28/12/2016 - 23:56":

Which lender did you use?... Read More

Priti S

18:16 PM, 28th December 2016
About 3 years ago

Mortgage to buy an SPV Ltd Company and property it sits in?

Reply to the comment left by "Howard Reuben" at "28/12/2016 - 12:06":

Thanks for your response Howard.

My SPV buying the the property from the Vendor's SPV would incur much higher stamp duty, and bearing my mind I wish to operate through a limited company, I would prefer, if possible, to buy the company, hence wanting to know if anyone had experience of lenders who I should speak with.

I've considered the route you outlined in your email of becoming a director and shareholder of the existing SPV, and then (re)mortgage the property to release funds, and am probably going down this route.... Read More