General (main property discussion here) - Obtaining Mortgages?

Sorry if this is a silly question, and you may laugh.......

If i set up a LTD company, and wanted a mortgage for a property on the LTD company, how do i go about applying? Would it still go on my personal income and credit history etc.

Or does the LTD create a new history?

Sorry i know how it sounds, but no point me just thinking 1 is right, when i can clarify from experts....

Matt

mentioned these guys in my last post

http://www.themoneycentre.co.uk/GetQuote1.asp?type=1&email=&link=landlordtrader

give them a go - they offered me a btl mortgage thru a ltd.

tom

As you would be sole director then the mortgage would be down to your income, but don't forget Buy to Let's are based on rental income and not yours. So you would be fine some Buy to Let lenders however do like there mortgagors to have a minimum income of around 15 to 20K some however have no minimum.

Hopefully this answers your question - please check with an accountant first to see if Ltd is the way forward to you.

Alex oakhillmortgages.co.uk

Hi

"some Buy to Let lenders however do like there mortgagors to have a minimum income of around 15 to 20K some however have no minimum.", i didnt quite understand that part.

I ask as my name has a bad credit rating, but all my debts are now up-to-date, thats why i was thinking maybe the lender would see a LTD company as a new credit history, so they would not credit check me and give me a higher interest rate to pay back.

And obviously theres the scare of getting rejected.

I think LTD is the way forward for me in the long run, as i do want alot of propertys, around America, and England/Scotland. I know that wont be easy, and it will take years and years. Im just wondering about this clear credit history as a company......

Thanks

Matt

matthew, it no doubt will be harder be i am sure it is possible - root around a little. try a couple of brokers both online and offline.

tom

Again as you are sole director the lender will run it's checks on you and may ask for you to go personal guarantor upto 85% or non guarantor upto 80%

Alex oakhillmortgages.co.uk