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  • Tax

    Buy cash, remortgage after???

    Hi guys,

    I want to buy a property - at auction, I don’t think I’d get a mortgage sorted in time.

    this is a ltd company scenario...

    So if I purchased cash - I’d have stamp duty to pay.

    Then - I’d want to look for a mortgage ASAP. There’s nothing to do in the property, it’s ready to rent. Not trying to add value or anything.

    It’s the same company who will own the property - so would I have to pay stamp duty again? Or any other tax when adding a mortgage to an un-mortgaged property?

    Thanks.

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    You only pay stamp duty when you buy a property so it is a one off.

    Be mindful of some mortgage lenders will not provide finance within 6 month of purchase. Call the mortgage brokers on this site as speak with them, it will be valuable 30 min of your time

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    You will find the more you try this old Strategy of Remortgage Remortege again to get multiple property's you will run out of cash

    In the new world of Property Investment you need to inject cash to keep the ball rolling

    You only pay stamp duty once when you buy a property

    and you can claim it back when you sell it

    I find Value's a real pain at present quite hard to get the Valuation you need

    In the past I have found Value's down valueing  and if they do it it will sink your plans

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    Learn Change and Adapt ?????


    It’s not the case of mortgage, remortgage, re-remortgage.

    its getting a ltd company mortgage now is a pain in the arse - and it would just take too long to buy a property at auction.

    In my own name - I could have literally have gone to the auction house - paid 10% deposit on any property and known the mortgage works / bm would give me a mortgage.

    Now - with new regulation changes, and these ltd company lenders - I know by the time a mortgage is approved - the deadline will have passed and I’d have lost my money.

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    Its just more Huddles

    I have given up on Property investment especially buying more

    Its not worth the hassle

    The govt want more and more not  worth it

    Unless you are buying with cash


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    Learn Change and Adapt ?????


    I bought a house for cash thinking it would see off the competition as it was a bargain and that I would later get a mortgage to refurb/extend etc.  That's when I also discovered that nobody would lend to me in the 1st 6 months as it counts as a "remortgage" despite never having even had a mortgage on it.  Be careful.

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    One presumes that deals are still viable providing this 6 month remortgage requirement is factored into the overall business plan.

    If not manageable then presumably the astute LL doesn't proceed with the deal!?

    6 months of bridging costs doesn't bear thinking about!!

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    Well I guess not everyone needs a mortgage?

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    Of course rich LL have it easy then.

    It is just a case of waiting 6 months.

    Something I guess would be a minor irritant for a rich LL.

    Money always goes to money.

    Those who don't have to borrow will always beat the borrower.

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    I'm about to market my parents property (inherited). Its never had a mortgage but I will be limited to cash buyers for the first 6 months after having the deeds transferred to my name.

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