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About goatz

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  1. Hi guys, I have an offer accepted on a second property to my main residence that I intend to make a rental. I intend to leave this with an agent to manage long term, and I dont intend on taking out any profit, I will just let the rental pay off the repayment mortgage (75% LTV). The property is a £185000 2 bed flat with share of freehold. I work full time and earn £60k basic, no other sources of income. I cant quite work out if it would be beneficial to incorporate. Any advice would be much appreciated. Mortgage rates I have been quoted for a 5 year fixed are Ltd 3.65% or personal 2.79%. The rental yield for the property ~5% (£850pm), and accountancy fees look to be £800 per annum for a ltd btl company. Do my numbers look right? personal rent £10200 20% mortgage relief £662.03 (post 2020) income tax £4080 tax after relief £3417.97 mortgage repayment £3310.15 profit £3471.88 Incorporated rent £10200 mortgage repayment £4556.65 gross profit £5643.35 corporation tax £1128.67 accountant fees £800 profit £3714.68 Doesnt really look worth incorporating for an increase of £242.8, unless I am missing something. Thanks!
  2. haha blast from the past! you will be happy to know my salary has gone up 20k since then
  3. Hey, I am trying to buy a shared ownership flat but the mortgage I can get with my salary is too high, although my salary is within the limit of eligibility. What can I do to get a lower the offer from the mortgage provider? I guess I can make up some expenses, such as loans etc? Thanks
  4. thanks rollover, can I ask why the timing is perfect?
  5. Hi guys, I was just hoping someone might help me with this. I have found a place which is part of the share to buy scheme which I think is good value for money. It is a 75% share with the housing association and a full value of 290k. I meet the ineligibly requirements, i.e. live locally, first time buyer, with the right salary. However, I can afford to mortgage the full value. I plan to buy shared ownership as I think this place is under market value, then once I have the keys I will 'staircase' to the full 100% ownership. The agency said I can staircase immediately if I wanted to. I assume I will need to remortgage for this? how quickly can I remortgage? and how are the fees with this? Is this the right approach? P.S I have a very large deposit (100k)
  6. Hi there, I was just wondering what your thoughts might be on my situation. I currently have £120k in savings which has taken a very long time (and a bit of luck) to accumulate, and I currently have a perm job (for 3 months now) with a salary of £45k a year. I am single, have no commitments or debt, and no strong ties to family. I am looking to get on the property ladder for the first time, but I want this to be a good investment for the future. I currently rent and work in London, but I also know Bournemouth quite well. My original thoughts were to buy a property both in London and Bournemouth, as I know people in Bmth who I could leave in charge of the one down there and rent it out. However after looking at the London market I think all my money would have to go into getting a property here now. Would it be better just to spend the whole lot on one place or split it over two? Ideally I would want to live in one, although I am not too fussed. I see the help to buy scheme is only allowed if you only have 1 property. Is it worth looking into these schemes given my situation? with the equity loan and my large deposit I may be able to get something impressive? I am thinking of targeting locations on or near Crossrail 2, 3 or HS2, perhaps the Old Oak and Park Royal Development (tipped to be the next Canary Wharf), or up and coming areas such as Lewisham, Manor Park, or Hither Green. Any thoughts are much appreciated. Thanks
  7. sold for £262,000 http://www.harman-healy.co.uk/lot-listing.html?lid=5904&ClientID=18
  8. Hi Guys, just wondering on what you think of this property http://www.rightmove.co.uk/new-homes-for-sale/photos/property-40412398.html G
  9. Thanks Mr P, I appreciate your tiem with this. Ive realised that I am so clueless on this now that I am hiring a friend in the know to help me out. Thanks
  10. Hi Guys, Just wondering if anyone has seen anything worth buying in the Bournemouth/Boscombe/Westbourne area? I looking for a 2/3 bed up to 200k. I'm really on my own here with no-one to help and I dont have a clue on what a good deal is. I really just want to stay out of negative equity. Any advice would be much appreciated. Thanks
  11. Ah I see, looks like an error here as the property is flat 1, 127 belle vue road. Looks like its showing the sold price of a different property (1 belle vue road). Thanks for the help.
  12. Yeah the location is awesome, I walked over to see it yesterday, there is a zig zag down to the beach roughly 20 paces away. over 1400sqm, 999 year lease, no ground rent or annual charge (other than CT) Sure it looks a bit grotty on the outside, but I kind of like that. If I could get that down to 165k I would definitely take it. I've looked everywhere to try and verify the 249k sold price but cant seem to find it. Any advice on this?
  13. p.s. I have never owned property before, and it has taken 12 years of saving to get to this point so i dont really want to take any risks.
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