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Sell up or rent out?
the_gf
Posts: 1 Newbie
Hi, Hopefully somebody will be able to offer some advice on my problem below.
I have just started a new job which is 200 miles away from where i currently live so Im going to need to sell my flat. The Main problem with this is that the mortgage company fees for leaving before 2 years come to just over £2300 as i still have 13 months to go. Ideally i dont want to waste so much money with no benefits.
I have thought about renting my flat out and have had it valued and been told it should rent out for £350 to £400 a month minus fees etc. The mortgage is £400 a month repayment with £320 interest. My main concern at the moment is the amount of tax i will have to pay from the rent. I have spoken to a number of compaines but none of them could tell me how much tax i would have to pay on this.
I dont mind losing a small amount of money over the next year or 2 until i can sell it on hopefully with a small amount of equity. What do you think is going to be the best option?
Thanks
Matt
I have just started a new job which is 200 miles away from where i currently live so Im going to need to sell my flat. The Main problem with this is that the mortgage company fees for leaving before 2 years come to just over £2300 as i still have 13 months to go. Ideally i dont want to waste so much money with no benefits.
I have thought about renting my flat out and have had it valued and been told it should rent out for £350 to £400 a month minus fees etc. The mortgage is £400 a month repayment with £320 interest. My main concern at the moment is the amount of tax i will have to pay from the rent. I have spoken to a number of compaines but none of them could tell me how much tax i would have to pay on this.
I dont mind losing a small amount of money over the next year or 2 until i can sell it on hopefully with a small amount of equity. What do you think is going to be the best option?
Thanks
Matt
0
Comments
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The amount of tax you would pay would be little after claiming back allowances. Agency fees, and the demand for your property is what you must consider. Tread carefully.0
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