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Setting up a company + the right approach

Hi, I am about to buy a property outright (£65000) with the intention of renting it out. I aim to collect rent from the property for 2-3 years and then put a deposit down on a second property and  do the same until I have a few properties which will eventually create a nice amount of cash flow. I am currently 35, so I have plenty of time I hope. ha ha! I had wanted to try a different approach to create a portfolio quicker. However due to a few health conditions at times I am unable to work, This is the case at present so I would be unable to get a mortgage and I also  wanted to take a safer approach. Anyways, I wanted to know if people on the forum thought that it was a good idea to set up a company to start this property venture and if yes what type is best and why? Thanks a lot for your help it is much appreciated. I am new to property investment so please dont be afraid to tell me I am stupid or that there is a much better approach for me to take given my circumstance. Owen

Asked on May 24 2018, General in Rotherham | Report content

Answers (1)

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  • Hello Owen, Good for you... I would say speak with a few buy-to-let specialist mortgage brokers before you do anything. You should be wary of Section 24 of the Finance Act 2015 which could affect your tax bill down the line but, these days, most lenders will take a look at your overall financial position anyway. So I would suggest chatting to some experienced accountants as well. Feel free to post any questions you have on here. Wishing you all the best with your plans. Ruban

    Answered on May 28 2018, Report content

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