Buy to Let / Fundraising for Samaritans

maxmycardagain

my old home: monthly loss of £100
Where I'm living now: monthly profit of £300

so for owning two properties your a whole £200 a month up?

is that gross or nett?

Chez_Guevara

Yes, £200 up - although don't forget, I am living at the property as well, for free.

And as I said - one house was my home and was never bought for profit. I'm only renting it out now so that I can keep it. The other was being rented out by the room - and was making about £600 per month profit, before i moved into one of the rooms.

How do you mean, gross or net?

maxmycardagain

Chez_Guevara wrote: »

Yes, £200 up - although don't forget, I am living at the property as well, for free.

And as I said - one house was my home and was never bought for profit. I'm only renting it out now so that I can keep it. The other was being rented out by the room - and was making about £600 per month profit, before i moved into one of the rooms.

How do you mean, gross or net?

you dont know the difference?.....

maxmycardagain

Question. House I did live in is no doubt in negative equity as I only bought it in April. I reckon it's worth £110,000 and I've got a mortgage on it of £125,000. Rental is £100 a month less than the mortgage.

fine, but who pays repairs, and buildings insurance? plus theres landlords safety checks annually on gas and heating,etc.

so we can double the loss?

Chez_Guevara

maxmycardagain wrote: »

fine, but who pays repairs, and buildings insurance? plus theres landlords safety checks annually on gas and heating,etc.

so we can double the loss?

The tenants pay for all repairs - that was part of the agreement! Buildings insurance is about £9 a month and I have a mate who's Corgi that does my annual checks for beer!

Chez_Guevara

And as for gross or net - wasn't sure if you meant after tax, or after costs

maxmycardagain

whats the HMRC tax stance on lettings now, do they still refuse relief for the mortgage and assume all the rent is profit?.....

Chez_Guevara

I'm 99% sure they only charge tax on the excess rent - but don't quote me on that - I leave all that to my accountant.

maxmycardagain

Chez, ref your BNP near me map

the 6 offshore near liverpool, are they in rowing boats or swimming a bit far from the beach?

Chez_Guevara

Not sure - maybe they've been caught by the Anti-Nazi League and are currently 'resident' at the bottom of the Irish Sea??