How would I go about paying things in england, if I lived abroad. PLEASE read.

spiro

BrettMorganxD wrote: »

It is in a way, a mortgage isn't "rent" you have bought the house and are basically paying a bank loan back.

For the other person who said who would tenants or neibours report problems to, I would still have a phone they could contact me with on me.

You will need to use a letting agency, if you try to do this yourself you are opening yourself up to all sorts of potential problems.

As a quick rule of thumb you need to take expected rental income, deduct 5% (roughly I think) letting agency feesand income tax at basic rate. Does this cover mortgage repayments at couple of % higher then residental mortgage (for BTL) plus leave you anything to spare?

BrettMorganxD

spiro wrote: »

You will need to use a letting agency, if you try to do this yourself you are opening yourself up to all sorts of potential problems.

As a quick rule of thumb you need to take expected rental income, deduct 5% (roughly I think) letting agency feesand income tax at basic rate. Does this cover mortgage repayments at couple of % higher then residental mortgage (for BTL) plus leave you anything to spare?

yeh I did all those calculation

Voyager2002

The best medical care in the Philippines is excellent: at least as good as the best the NHS offers, but in hospital private rooms that are like five-star hotels. But of course you pay for it: while it is a good deal cheaper than in the USA (so many Americans travel there for operations) it still costs far more than most filipinos could dream of raising.

The people who can live on a thousand pounds for many months have a basic life-style that would seem worse than death to many (most?) English people. In order to live at the kind of level enjoyed by someone in England living on JSA, a state pension or typical means-tested benefits, you would need a net income of perhaps three or four hundred pounds a month.

BrettMorganxD

Voyager2002 wrote: »

The best medical care in the Philippines is excellent: at least as good as the best the NHS offers, but in hospital private rooms that are like five-star hotels. But of course you pay for it: while it is a good deal cheaper than in the USA (so many Americans travel there for operations) it still costs far more than most filipinos could dream of raising.

The people who can live on a thousand pounds for many months have a basic life-style that would seem worse than death to many (most?) English people. In order to live at the kind of level enjoyed by someone in England living on JSA, a state pension or typical means-tested benefits, you would need a net income of perhaps three or four hundred pounds a month.

So £5,000 for a year?

Pollycat

zagfles wrote: »

Also management & routine maintenance of the property. If the tenant reports a problem eg a leaking pipe, boiler problem, broken window, who do they report it to and who will fix it?

If the tenant becomes troublesome eg annoys the neighbours with wild parties, damages the property, refuses to pay rent, who will sort it out, take the legal action for eviction etc?

BrettMorganxD wrote: »

For the other person who said who would tenants or neibours report problems to, I would still have a phone they could contact me with on me.

I really get the impression that you haven't thought this through at all.

zagfles has raised some really good points and I think you've responded in a pretty glib manner.

OK, say the boiler breaks.
Are you expecting your tenant to contact you by phone in the Philippines?
Are you expecting your tenant to arrange for repairs themselves or would you do it from thousands of miles away?
If your tenant arranges it, who would pay the bill?

What would you do if your tenant trashes your house?

I also don't think you've understood the point that Voyager2002 has made.

Voyager2002 wrote: »

The best medical care in the Philippines is excellent: at least as good as the best the NHS offers, but in hospital private rooms that are like five-star hotels. But of course you pay for it: while it is a good deal cheaper than in the USA (so many Americans travel there for operations) it still costs far more than most filipinos could dream of raising.

The people who can live on a thousand pounds for many months have a basic life-style that would seem worse than death to many (most?) English people. In order to live at the kind of level enjoyed by someone in England living on JSA, a state pension or typical means-tested benefits, you would need a net income of perhaps three or four hundred pounds a month.

You've seized on his quoted £300 - £400 per month and extrapolated it to £5K per annum.

Have you understood what he's saying about medical care?

Will your medical problem detailed in your other thread disappear when you move to the Phillipines?

BrettMorganxD

Pollycat wrote: »

I really get the impression that you haven't thought this through at all.

zagfles has raised some really good points and I think you've responded in a pretty glib manner.

OK, say the boiler breaks.
Are you expecting your tenant to contact you by phone in the Philippines?
Are you expecting your tenant to arrange for repairs themselves or would you do it from thousands of miles away?
If your tenant arranges it, who would pay the bill?

What would you do if your tenant trashes your house?

I also don't think you've understood the point that Voyager2002 has made.


You've seized on his quoted £300 - £400 per month and extrapolated it to £5K per annum.

Have you understood what he's saying about medical care?

Will your medical problem detailed in your other thread disappear when you move to the Phillipines?

No that iso ne thing I didn't think about, what would I do about my precription medication while over in the phillapenes?

everything else I have thought about. The £5,00 is what £400 x 12 is, I only plan to live there a year

Still the other question noone has answered, which is slightly off topic. Can you rent a spare room in your property if you are living in it, or would you still ned a BTL mortgage

Incapuppy

Pollycat wrote: »

Will your medical problem detailed in your other thread disappear when you move to the Phillipines?

Blimey, a quick peep at the other threads tell me that this is either a wind-up merchant or a teenager living in cloud-cuckoo land.

Pollycat

BrettMorganxD wrote: »

No that iso ne thing I didn't think about, what would I do about my precription medication while over in the phillapenes?

You'd have to pay for it - the doctor's time and for the medication itself.
It may cost you more than the £7.20 or whatever price is now for prescriptions.

BrettMorganxD wrote: »

everything else I have thought about. The £5,00 is what £400 x 12 is, I only plan to live there a year

Have you built any contingency/emergency money into your plan?

BrettMorganxD wrote: »

Still the other question noone has answered, which is slightly off topic. Can you rent a spare room in your property if you are living in it, or would you still ned a BTL mortgage

No, but you would need to tell your mortgage provider that you had a lodger, and declare the income to HMRC and advise the local council if you were paying the reduced amount for a single tenant.

Or you could say nothing and hope nobody finds out.
But, personally, I'd never want to get on the wrong side of HMRC or the council.

BrettMorganxD

Pollycat wrote: »

You'd have to pay for it - the doctor's time and for the medication itself.
It may cost you more than the £7.20 or whatever price is now for prescriptions.


Have you built any contingency/emergency money into your plan?



No, but you would need to tell your mortgage provider that you had a lodger, and declare the income to HMRC and advise the local council if you were paying the reduced amount for a single tenant.

Or you could say nothing and hope nobody finds out.
But, personally, I'd never want to get on the wrong side of HMRC or the council.

And would the tax be paid on the income at the end of every tax year, or in a PAYE sort of way when the rent comes in?

BrettMorganxD

Eton_Rifle wrote: »

I regularly visited Manila on business a few years ago and I hope that's not where you're thinking of moving - I was required to have an escort for my personal safety!
I would also think carefully about the risk of terrorism issues escalating in the future especially if you stand out as being obviously of a western race.

No it isn't manila I am thinkin of moving it's the main island, it looks beutiful