Open Letter to the UK Buy-To-Let Mortgage Sector

Open Letter to the UK Buy-To-Let Mortgage Sector

12:48 PM, 7th June 2022, About 3 weeks ago 6

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Most UK mortgage lenders and mortgage brokers do not fully understand the potentially disastrous implications of landlords taking on new mortgage finance at the point of incorporation of their property rental business.

At Property118 we feel we have a moral obligation to share the linked PowerPoint presentation below, and we urge all landlords to share this presentation with their mortgage brokers and for all mortgage brokers to bring this matter to the attention of their most senior contacts within the mortgage lenders they deal with, i.e. Heads of Credit and Legal.

It’s a very short presentation and should take no more than a few minutes.

CLICK HERE TO WATCH THE PRESENTATION

For more information, mortgage brokers and lenders should email Mark.Alexander@CotswoldBarristers.co.uk in the first instance.



Comments

Bristol Landlord

17:35 PM, 7th June 2022, About 3 weeks ago

Thank you for this information, unfortunately it is quite cryptic!!
For those of us unfamiliar with the concepts described could you perhaps provide a simpler explanation in plain English?
Thanks.

Mark Alexander - Founder of Property118 View Profile

21:13 PM, 7th June 2022, About 3 weeks ago

Sadly, for most brokers the fact they recommend professional tax and legal advice is just a cop out. By all means arrange new mortgages, but ensure they completed a day, a week, a month, a year, a decade or whatever suits AFTER the incorporation has occurred in line with the HMRC manuals. Failure to bring this to the attention of borrowers, will, in time, be deemed to the the vicarious responsibility of brokers. We all know how this industry works and brokers and lenders cop for the worst of it most of the time.

Conventional thought processes of brokers and lenders right now are way off piste, hence our determination to get this message heard loud and clear.

Whatever happens next, our conscience will be clear.

Mark Alexander - Founder of Property118 View Profile

21:15 PM, 7th June 2022, About 3 weeks ago

Reply to the comment left by Bristol Landlord at 07/06/2022 - 17:35
Sorry about that, but the article was really intended for mortgage brokers and lenders.

This should help all others who don’t fit that description https://property118.com/ebook

Mick Roberts

7:52 AM, 9th June 2022, About 3 weeks ago

U telling me Mark. I got that many mates Landlords who don't understand.
My biking mate last year had 3 houses. He's bought another 6 this last year, sold him one of mine, another one of mine going through, got other Landords to sell him & negotiated others off Agents for him.
And sorted his mortgages for him through Broker.

And from very beginning, I've been saying u NEED company route as he's already earning over 30k pa from his joinery self employed work. As usual, they never listen, they don't understand the Section 24 Tax rip off, it's only now last mortgage has started to restrict him on Section 24 Tax affordability, PLUS he han't felt the whack from accountant tax work yet.

It's too complicated for the normal Laymen this George Osborne Section 24 Tax rip off homeless inducing shambles.

Rennie

18:34 PM, 22nd June 2022, About A week ago

Hello, I'm the one who asks the questions that everyone else is afraid to ask in case they look stupid.

How exactly do I share this presentation with my mortgage broker? Do I just send them the url of the page as the actual presentation says I can't download , edit or copy it.

Mark Alexander - Founder of Property118 View Profile

19:14 PM, 22nd June 2022, About A week ago

Reply to the comment left by Rennie at 22/06/2022 - 18:34
Yes please

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