I would love to find out more about the differences in buying a property as an individual /limited company . You’ve mentioned difference in tax etc. But there is soooo much more that I would like to hear about 🎉
Good video. Only thing to note is when changing use class to a HMO then refurbs will include all fire safety aspects, like fire doors, smoke alarms in every room etc. with 2 tenants I’d imagine that wasn’t the case
That’s true, great point. I always install fire regs in my properties such as doors etc. Especially this one as I knew I would be applying for planning permission.
Great video and explanation. Hate to be that guy, but just so you know the refinance was £2500 not £2000. So all numbers are £500 more but it’s minor, thought I’d raise some you were aware. Great content and information 👍🏼
Hi Lew, correct and just to confirm after running through the mortgage terms, the valuation fee on this refinance was actually free! Therefore refinance costs are still £2000 for this calculation. I would also add that it’s quite common to find valuations free from some lenders when refinancing!
Correct - The interest rate is 3.09% on an interest only mortgage. Remember this property was secured in 2021 when the Bank of England base rate was almost 0% 😄
So using the prices in the video as an example, can you explain how a bridging loan would work please? So let’s say I take out an £80k bridging loan (£50k purchase + £30k refurb), would I then use the 75% LTV to pay off what was left of the bridging loan?
Great point - you would usually be allowed to do this. However, the agent made it very clear that they would need in-person letters to be dropped off before 12.
No, you can choose this option but for me it’s easier and cheaper to source my own energy company and to pay them directly. Apart from this, the management company does everything else
One of the best videos I have ever watched explaining and breaking down the nitty gritty. You have my like and subscription!
@@alvindavidchan627 pleasure to have you 🙏
I would love to find out more about the differences in buying a property as an individual /limited company . You’ve mentioned difference in tax etc. But there is soooo much more that I would like to hear about 🎉
Awesome - keep watching 🕺
Brilliant video James, more in-depth explanations like this please, very educational thanks
Thanks, Carl 👍
Fantastic James, keep going!!
Thank you 🙏
Fair play that was a nice breakdown, definitely a good idea to buy next door aswell 👍
Thank you 🙏
Good video. Only thing to note is when changing use class to a HMO then refurbs will include all fire safety aspects, like fire doors, smoke alarms in every room etc. with 2 tenants I’d imagine that wasn’t the case
That’s true, great point. I always install fire regs in my properties such as doors etc. Especially this one as I knew I would be applying for planning permission.
Very clearly explained :-) Thanks a lot
Man like James what a dream 🥵🥰🥰🥰😇 thanks for lovely explanation. ❤
Thanks 🙏 🎉
Mate make a realistic one that applies for the average
50k is way too cheap
What a champion 🎉🎉🎉🎉
Thank you 🙏
Great video and explanation. Hate to be that guy, but just so you know the refinance was £2500 not £2000. So all numbers are £500 more but it’s minor, thought I’d raise some you were aware. Great content and information 👍🏼
Hi Lew, correct and just to confirm after running through the mortgage terms, the valuation fee on this refinance was actually free! Therefore refinance costs are still £2000 for this calculation. I would also add that it’s quite common to find valuations free from some lenders when refinancing!
So you borrowed 101k and your monthly repayments are only 264? How is this possible what interest rate did you get?
Correct - The interest rate is 3.09% on an interest only mortgage. Remember this property was secured in 2021 when the Bank of England base rate was almost 0% 😄
So using the prices in the video as an example, can you explain how a bridging loan would work please? So let’s say I take out an £80k bridging loan (£50k purchase + £30k refurb), would I then use the 75% LTV to pay off what was left of the bridging loan?
How to get on the waiting list for the next JPU? 😬
James, aren't some Final Offers accepted by email, don't have to send do by post or in person?
Great point - you would usually be allowed to do this. However, the agent made it very clear that they would need in-person letters to be dropped off before 12.
How do I join the university?
@@Elvin5388 jamespropertyuniversity.io or link in the description 🕺
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Whats your plan on repaying the £101,250 mortgage off, because your only paying the interest off at the moment ?
There is no plan to pay that off anytime soon I would guess, he is getting £600 rent (after tax) with no money in!
Are you deducted only the interest rate or you could deducted the whole mortgage through the limited company, regards
Only the interest.
Does the management deal with the bills as well?
As in do they pay them for you and then transfer you what’s left over?
No, you can choose this option but for me it’s easier and cheaper to source my own energy company and to pay them directly. Apart from this, the management company does everything else
How to get on the waiting list for the next JPU? 😬
How to get on the waiting list for the next JPU? 😬