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Wanting to keep my excellent 'lifetime tracker' mortgage
Comments
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Make sure you have fully allocated all the available expenses as deductions from the rental income for tax purposes;-Residential properties
You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.
Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:
letting agents’ fees
legal fees for lets of a year or less, or for renewing a lease for less than 50 years
accountants’ fees
buildings and contents insurance
interest on property loans
maintenance and repairs to the property (but not improvements)
utility bills, like gas, water and electricity
rent, ground rent, service charges
Council Tax
services you pay for, like cleaning or gardening
other direct costs of letting the property, like phone calls, stationery and advertising
https://www.gov.uk/renting-out-a-property/paying-taxI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
sounds like a no go.
whats the gross yield( rent * 12 / realizable sale proceeds).
that will be a big clue to the viability.0 -
It probably is a no go, thanks to Nationwide's greed. If they charged a 1% loading on the interest it would probably be worthwhile, but 2% (and therefore only break-even for me) means I may not bother.
I'd have given them an extra £100 a month for nothing, but £200 extra every month for nowt & it's a no go.
Well done Nationwide, you lost out for being just too plain greedy. You now get nothing extra.0 -
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Their primary business is residential mortgage lending and retail savings.Well done Nationwide, you lost out for being just too plain greedy. You now get nothing extra.
Not providing cheap credit for would be commercial landlords.
I don't see how they are being remotely greedy here.0
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