TPP178: Finance for limited companies - what you need to know?
Buying property within a limited company is becoming increasingly popular – but when it comes to obtaining mortgages for companies, there are some extra considerations you need to know about.
This week, with the help of our friend Dave Cookson from TC Financial Services, we're running through the important details you need to be aware of. Including:
- The kind of range and selection you can expect to choose from
- How to set your company up correctly
- The documents you should have to hand before you start
- The personal requirements for company directors that lenders will want to see
- How to handle the tricky issue of multiple lenders against the same company
- Why this type of lending is particularly attractive for contractors and business owners
- What Dave thinks lies ahead for the sector
Related listening:
- TPP125: Should you create a limited company for your property portfolio?
- TPP124: Post-budget survival tactics for property investors
- Free video course: Should you use a limited company to invest in property?
Resource of the week
If you ever need to visualise a process, a flowchart or a mindmap, draw.io is a great free tool to use. Rob B recommends it for fans of Lucidchart, who are now seriously restricting their free plan (the cheek!)
News this week
It won't have escaped your attention that the Bank of England have cut the base rate to 0.25%, as reported by the Economist – as well as announcing a new round of quantitative easing.
If you've got tracker mortgages, enjoy the lower payments! As for the longer-term consequences...we'll be getting into that next week.
Join the conversation
Have you learnt anything from a company mortgage application that other listeners might find useful?
Was it easier or more difficult than you expected?
We’d love to know, so join the discussion in The Property Hub!
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