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Landlord / Tax / Options
Lisa1978
Posts: 317 Forumite
in Cutting tax
Morning,
Looking some advice on what you would recommend. Will try to give all info!
I purchased a property a long time ago before I met my husband. I still have this property in my name only and I am a 40% tax payer. Hubbie is 20%. To buy our first home together, I re-mortgaged my property and I have a buy to let mortgage on same.
Interest only mortgage @ £380/month (add rates £40/month)
Rental Income @ £475/month
Monthly profit = £55/month or £660/year
However with the new tax regulations I am going to be paying out a lot more tax. I am wondering what options I have? I have read up on 'tenants in common'.
For info, it's in negative equity. Property worth £85k, mortgage £90k. I have started overpaying £100/month this year and mortgage fixed deal is due in July 18.
Thank you!
Looking some advice on what you would recommend. Will try to give all info!
I purchased a property a long time ago before I met my husband. I still have this property in my name only and I am a 40% tax payer. Hubbie is 20%. To buy our first home together, I re-mortgaged my property and I have a buy to let mortgage on same.
Interest only mortgage @ £380/month (add rates £40/month)
Rental Income @ £475/month
Monthly profit = £55/month or £660/year
However with the new tax regulations I am going to be paying out a lot more tax. I am wondering what options I have? I have read up on 'tenants in common'.
For info, it's in negative equity. Property worth £85k, mortgage £90k. I have started overpaying £100/month this year and mortgage fixed deal is due in July 18.
Thank you!
0
Comments
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How did you remortgage to a BTL with a negative equity????Morning,
Looking some advice on what you would recommend. Will try to give all info!
I purchased a property a long time ago before I met my husband. I still have this property in my name only and I am a 40% tax payer. Hubbie is 20%. To buy our first home together, I re-mortgaged my property and I have a buy to let mortgage on same.
Interest only mortgage @ £380/month (add rates £40/month)
Rental Income @ £475/month
Monthly profit = £55/month or £660/year
However with the new tax regulations I am going to be paying out a lot more tax. I am wondering what options I have? I have read up on 'tenants in common'.
For info, it's in negative equity. Property worth £85k, mortgage £90k. I have started overpaying £100/month this year and mortgage fixed deal is due in July 18.
Thank you!
In anycase, you cant add your husband to the property so tenants in common is irrelevant.0 -
What is your best argument against just selling it and taking the loss on the chin?Free the dunston one next time too.0
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