Is it worth me getting a mortgage? And would I get the tax benefit in this scenario?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #46
    In my experience, yes. When your solicitor blames the other side for interminable delays and they blame yours - while both of them are doing nothing but scratch their arse - at least you can give the local one some myther. The last online one I used hadn't noticed there was no right of access over the private road to parking at the rear. So then he made them get indemnity insurance - nothing more than toilet paper as they didn't have a car so not valid. I don't know if the local one would have noticed either but I concluded I did a more thorough job than them (and got a healthy price reduction).
    I haven't taken much notice of student loans but I thought if you expected to repay in full you should pay it off early to avoid the interest charges? Only worth delaying if you'll never repay it.

    Comment


      #47
      Originally posted by royw View Post
      In my experience, yes. When your solicitor blames the other side for interminable delays and they blame yours - while both of them are doing nothing but scratch their arse - at least you can give the local one some myther. The last online one I used hadn't noticed there was no right of access over the private road to parking at the rear. So then he made them get indemnity insurance - nothing more than toilet paper as they didn't have a car so not valid. I don't know if the local one would have noticed either but I concluded I did a more thorough job than them (and got a healthy price reduction).
      I haven't taken much notice of student loans but I thought if you expected to repay in full you should pay it off early to avoid the interest charges? Only worth delaying if you'll never repay it.
      Ah fair enough.

      Well there's always the chance I'll end up not paying off all the student loan balance so my understanding was that it is best to just leave it in case. I do think it's immoral that they charge so much interest though.

      Comment


        #48
        Yes, I agree, particularly with interest rates so low. I also think it's immoral to let some students get useless degrees and let the tax payer (me!) pay for it.

        Comment


          #49
          Originally posted by royw View Post
          Yes, I agree, particularly with interest rates so low. I also think it's immoral to let some students get useless degrees and let the tax payer (me!) pay for it.
          Yeah, it's also a bit unhelpful that Martin Lewis says there's nothing to lose if you don't earn over £25,000 because of your degree - I don't actually need my degree for the work that I do so I'm paying off a loan for something that might not actually have benefited me!

          Comment


            #50
            Originally posted by mlod42 View Post

            Yeah, it's also a bit unhelpful that Martin Lewis says there's nothing to lose if you don't earn over £25,000 because of your degree - I don't actually need my degree for the work that I do so I'm paying off a loan for something that might not actually have benefited me!
            What’s unhelpful about Martin Lewis saying that? He’s only saying it because it’s helpful, if it wasn’t helpful you wouldn’t be following his advice. How about you put some of this £200,000 that you’ve supposedly got sat in a bank account to good use. Does Martin Lewis advise renting whilst daydreaming about buying your own house and being overly concerned about whether to use a £3000 isa or buy with cash, daydreaming about investing in multiple buy to lets with no experience of owning a home or being a landlord, and daydreaming about doing your own conveyancing and all of this whilst supposedly sitting on nearly quarter of a million in cash savings when inflation could be just around the corner?

            Comment


              #51
              My point is he says you have nothing to lose by going to uni as you won't pay back the loan if you don't earn over £25,000 because of your degree, but in actual fact it is possible to earn over £25,000 without a degree - I find myself earning around £40,000 a year doing work that I don't need a degree for yet I am losing some of my income to student loan repayments. AND on top of this, by not going to uni one could be working and building up savings in this time. When people moan about the £9000 fees, I always think that actually the time is a bigger cost anyway.

              But I thought that a big property price drop is probably just around the corner. I wanted advice on what best to do in my position and I feel that everything that I have considered is reasonable.

              Comment


                #52
                Does anyone know, if I were to remortgage a property and invest the money in shares/funds without an ISA wrapper, would I be able to offset the mortgage interest for tax purposes? I am considering the possibility of such investments instead of BTL and am thinking of perhaps getting a mortgage if I can as I could probably do better taking one and investing the money but am wondering if it will be better in the long run if I buy with cash and then remortgage rather than taking out a mortgage in the first place because of the tax destructibility (frustrating as it is that this would not allow me to get the help to buy ISA saving).

                Comment


                  #53
                  🥱🥱 😴😴😴😴😴😴😴

                  Comment


                    #54
                    Originally posted by BTL investor View Post
                    🥱🥱 😴😴😴😴😴😴😴
                    You're so helpful now 😫

                    Comment


                      #55
                      Originally posted by mlod42 View Post
                      Does anyone know, if I were to remortgage a property and invest the money in shares/funds without an ISA wrapper, would I be able to offset the mortgage interest for tax purposes?
                      If the property you are mortgaging is let as part of your rental business it doesn't matter what the money is spent on.
                      The mortgage is part of the business and the interest is allowable.

                      If the property isn't part of your business, no.
                      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                      Comment

                      Latest Activity

                      Collapse

                      Working...
                      X