Richard Connell

Registered with
Monday 18th August 2014

Latest Comments

Total Number of Property118 Comments: 6

Richard Connell

22:34 PM, 17th September 2018, About 3 years ago

Declarations of Trust - Is Lender Consent Required?

That's all very good but what happens when you come to remortgage one of your properties and you are asked to show bank statements of rent coming in but you can't as rent is going to your ltd co as you have a Declaration of Trust. Is mortgage company going to look favourably on that??... Read More

Richard Connell

14:03 PM, 11th June 2018, About 4 years ago

Research shows the increase in use of Ltd companies post S24

Reply to the comment left by Richard Peeters at 11/06/2018 - 13:15
I'm not surprised. As I believe it this whole system of BICT was set up based on the fact that if you didn't ask the mortgage providers then they wouldn't object to it. However I always wondered what would happen when you came to remortgage and now we have the PRA increased regulations, the mortgage company will ask for evidence of rent payments for all your properties. However your rent is now getting channelled through the ltd company at which point the mortgage company goes nah, don't think we'll lend to you, which sounds like the issue that Richard Peeters has. This is how I see it but being no expert , happy to be corrected... Read More

Richard Connell

13:04 PM, 3rd November 2017, About 4 years ago

Mortgage lenders for 10+ property portfolio other than TMW

I'm in the same position but worse as in Scotland so even more limited. Have some BMS mortgages coming to end of 2 yr deals and decided to product transfer to new deal with BMS rather than get TMW remortgage (which was cheaper). If moved away from BMS knew would never be able to get back to them so figured it was better to stay with them as didn't want too many with TMW. Mortgage advisor says Aldermore is also available to me.... Read More

Richard Connell

21:30 PM, 7th February 2016, About 6 years ago

Raising capital from a rental property

I appreciate Howard's comments above about fee free mortage advisors but I have used Graeme at First Mortgage in Falkirk and for standard BTL he has been very good.
I would recommend having a chat with him initially anyway to give you some options.... Read More

Richard Connell

14:58 PM, 24th July 2015, About 6 years ago

Can rental profit become 'earned' income?

Forgive my naivety but if you had a LTD company to manage your portfolio, surely as in example above you would be above VAT limit and your LTD would have to charge yourself VAT, creating extra expense? (assuming any rent taken in to LTD counts as turnover).... Read More