We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Get your money in Bricks and Mortar!!!
Comments
-
Mustbeananswer?? wrote: »Is the income taxable??I'm already paying two lots of tax....
That depends.....
If you take in a lodger or two, and continue to live in the house yourself, then the first 4K or 5K per year (not sure of the amount, check the HMRC website) is tax free.
If you rent the whole house out, then you can claim the mortgage interest and reasonable legitimate upkeep costs as tax deductible expenses. Speak to a professional, or ask around on these boards for someone that does it for a living.Would the Building Soceities see it as an income
Yes. But you'll have to ensure it's all properly declared and booked as income, and you may need a year or more of showing this income and tax returns before they'd lend more based on it.
Be aware there are mortgage/insurance implications if you rent the whole house, ranging from having to switch to a BTL mortgage or getting consent to let and paying a higher rate from your existing lender. Check with them. You'll also need to pay for a gas/elec safety check, and use a proper AST contract, for a newbie easier to go through a letting agent but you'll pay for that as well.
Generally, the easiest thing is to take in lodgers for a year or two, if your circumstances permit.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
What was your plan when you bought it?
It sounds like you could make some cash and clear your debt if you sold.0 -
poppysarah wrote: »What was your plan when you bought it?
It sounds like you could make some cash and clear your debt if you sold.
Sarah....it was an impulse purchase.....a good one at that!!!
I have lovingly restored it.....
Its two houses in one......can't seem to attatch a piccy tho!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards