IFAs and Buy to Let

Freecall

kingstreet wrote: »

Perhaps he was talking about fees on investment advice and commission from selling protection products...?

Possibly, that would explain it.

The post does read as though it would be the sale of investments which paid commission though and even re-reading I think that most people would interpret it that way.

JosephM_2

I fail to see what's so shocking about those comments, lots of people "are not doing bad investment wise." They may not be doing great right now but doing ok, and doing ok is what I meant.
Yes I do know what an investment is. I have trackers and managed funds and play the stock market. It's easy to accuse someone of not knowing what an investment is when you reveal nothing about your own "level of knowledge.". :cool:

JosephM_2

Considering your miserable mid table position and your lack of title prospects they need to salute someone. How about Leicester? :footie:

marksoton

JosephM wrote: »

It's easy to accuse someone of not knowing what an investment is when you reveal nothing about your own "level of knowledge.". :cool:

What do you want, his bloody CV?

Your original post had massively amateurish comments in it. Someone so uninformed should never be a landlord.

JosephM_2

Yes I do already own a property outright. My understanding of a BTL mortgage is that you can carry on paying the interest only portion of it indefinitely whilst hopefully seeing the equity gradually increase.

Guest101

But clearly this isn't your area of expertise, so surely it would be better to concentrate on what you know?

Guest101

JosephM wrote: »

Yes I do already own a property outright. My understanding of a BTL mortgage is that you can carry on paying the interest only portion of it indefinitely whilst hopefully seeing the equity gradually increase.

What about when the tenant doesn't pay you the rent?

macca1974

I wouldn't have thought that many IFA's will provide advice on a buy to let as it isn't generally speaking their area of expertise. If you were looking to take advice, I would probably go as follows

Mortgage Advice - Talk to a mortgage adviser who advises on btl mortgages (regulated), they can tell you what types of mortgages are available and how they would work and whether you would be able to go down the interest only route, what deposit you'd need, what level of rent that you would need to cover the mortgage
Home buying advice - Talk to an estate agent / letting agent about the best areas to buy and the sort of houses that are popular for tenants. they will obviously try to flog you their estate agency services and letter agent services but thats how they make money
Tax Advice - Talk to an accountant who can explain how it would all work and what you would need to declare, what expenses you could claim etc
Being a landlord advice - I think that there is an association of landlords that have a lot of info on this, but also there is a poster on here called GM who has done some pretty comprehensive guides

Job done

mjdh1957

I would say that being a landlord is a business and not an investment, so a financial adviser wouldn't be the one to ask for advice about it

marksoton

JosephM wrote: »

Yes I do already own a property outright. My understanding of a BTL mortgage is that you can carry on paying the interest only portion of it indefinitely whilst hopefully seeing the equity gradually increase.

It's not just a vehicle for you to make money. You have legal and moral obligations as a landlord.