Soldato
- Joined
- 5 Aug 2006
- Posts
- 11,604
- Location
- Derbyshire
Hi all.
I am in my early 30s. I overpay my mortgage and now some loans have cleared I am in the position where I can invest.
One of the routes is a buy to let (BTL) property, with the plan of splitting things down the middle with my brother. It would be a year or so until we had the required 25% deposit.
Following a light/medium level of research it has become clear that the newly imposed tax laws completely shaft landlords.
A summary of which can be found here:
https://www.moneysupermarket.com/landlord-insurance/buy-to-let-tax-relief/
Is it even worth buying a house to let out anymore? Both myself and my brother would be getting slammed for 40% tax.
I don't mind if it doesn't make a monthly profit, but the thought that I could be in an annual shortfall makes me question whether the hassle is worth it. The intent is that I am young enough that by the time I am 60 the house would be mortgage free.
I wondered what my fellow OcUKers thought?
I am in my early 30s. I overpay my mortgage and now some loans have cleared I am in the position where I can invest.
One of the routes is a buy to let (BTL) property, with the plan of splitting things down the middle with my brother. It would be a year or so until we had the required 25% deposit.
Following a light/medium level of research it has become clear that the newly imposed tax laws completely shaft landlords.
A summary of which can be found here:
https://www.moneysupermarket.com/landlord-insurance/buy-to-let-tax-relief/
Is it even worth buying a house to let out anymore? Both myself and my brother would be getting slammed for 40% tax.
I don't mind if it doesn't make a monthly profit, but the thought that I could be in an annual shortfall makes me question whether the hassle is worth it. The intent is that I am young enough that by the time I am 60 the house would be mortgage free.
I wondered what my fellow OcUKers thought?