Avoiding redemption penalty so we can emigrate?

flanajb

BillJones wrote: »

As above, it's refreshing to see someone planning the crime and the deportation in parallel.

I do have to wonder, though, what is it that the mortgage provider is doing to rob you? I assume that it's more than sticking to the terms that you accepted when you asked them for the money, isn't it?

Edited to add, OP has had posts here and elsewhere claiming that they are going to refuse to pay tax, for a variety of ridiculous reasons. Seems that they believe that they simply get to walk away from any situation if they decide that they don't like it.
OP, you said that you were willing to take a custodial sentence rather than pay your benefit in kind tax, will this not affect your visa?

4% redemption fee. I don't think it costs 10k for a mortgage provider to hedge 200k using a 5 year IRS. Excessive!

As to your comment about BIK mortgage. I think you would feel very differently if you were in that situation.

flanajb

anselld wrote: »

You better do some more reading ....
http://www.hmrc.gov.uk/international/nr-landlords.htm


PS. Only the interest element of the mortgage payment is deductible.

According to HMRC "You can apply to have the rent paid to you without tax deducted if you don't think you'll have to pay any UK tax, or if your tax affairs are up to date. But you'll still need to declare the rent on a Self Assessment tax return if HMRC sends you one."

Thrugelmir

flanajb wrote: »

4% redemption fee. I don't think it costs 10k for a mortgage provider to hedge 200k using a 5 year IRS.

Lenders don't hedge. They use matched funds.

You applied for the product. So have no grounds for complaint.

Thrugelmir

flanajb wrote: »

There won't be any tax to pay. (Mortgage payments + Agent Fees) - Rental Amount = £0

Hope there's money in the pot to cover any maintenance issues. As you've a long way to come back to fix them.

mrginge

flanajb wrote: »

There won't be any tax to pay. (Mortgage payments + Agent Fees) - Rental Amount = £0

Of course I will tell HMRC. I suspect you have already rang the hotline

Oh believe me, there's nothing i like better than shopping someone for tax evasion.

HappyMJ

Wonder what the OP will think about the "robbing" banks they have in Australia. Charges for using other banks ATM's, charges for transacting with a person over the counter, high interest rates, high deposit requirements on a mortgage or paying a higher lending charge on anything less than 20% deposit. They know how to rob in Australia and get away with it. Almost every major bank charges bank fees for bank accounts and credit cards. If you want a free bank account you will be limited to just a few free transactions per month (although I've noticed recently this seems to be changing).

Yorkie1

flanajb wrote: »

4% redemption fee. I don't think it costs 10k for a mortgage provider to hedge 200k using a 5 year IRS. Excessive!

Lenders borrow the funds for fixed rate mortgages on set terms. If you repay the funds early, the lender gets stung for a penalty by the place they borrowed from. The ERC reflects that penalty to the lender.