Is it rude to ask what the rental will be p/m considering the size of the place?
That's quite a transformation, you've certainly got bigger cahones than me taking that on.
Bloody hell, that's a decent return on investment.Its up at £625 p/m which for the area is at the high end of what it could command, however given how much interest is already there, could potentially get a little more. But the flat itself was only £60k plus £7.5k in work.
Bloody hell, that's a decent return on investment.
I'm thinking of another rental, but I doubt I could match that.
Nice work![]()
Absolutely, but despite that very thing being mentioned several times, some in here refuse to do so and continue to pay rent.Also shows how cheap it can be to buy a house still, if you move to an affordable area.
But you might have to take a pay cut to move to an affordable area, or you might not be able to find work there at all. Making "affordable" entirely dependent on how you make your living in the first place.Also shows how cheap it can be to buy a house still, if you move to an affordable area.
I guess the british do love a moan
One less on the market for good tho, now.Also shows how cheap it can be to buy a house still, if you move to an affordable area.
I guess the british do love a moan
Sacrifice is required to get what you want in life.But you might have to take a pay cut to move to an affordable area, or you might not be able to find work there at all. Making "affordable" entirely dependent on how you make your living in the first place.
I commuted ~200miles a day for a few years until I bought a house a mile from my office.Landlords can buy (additional) property in any part of the country without worrying about what the local job market (for their profession) is like. Working people who want to buy their first house don't have that luxury, now, do they?
One more on the rental market "tho".One less on the market for good tho, now.
Just because you own a keyring doesn't mean you are part of the owners clubOne more on the rental market "tho".
Not quite right , you get a 20% tax credit on the interest . Absolute peanuts compared to 100% tax relief pre 2017 , anyone with spare cash was bonkers not to get a few renters.BTL can work in certain areas, also it depends on circumstances.
For instance if you have a 9 to 5 job earning around the 40% tax threshold and then you buy a BTL, they will tax the turnover at 40%. You can't put mortgage interest as an expense anymore either along with a host of other limitations exclusive only to BTL.
So if you pay £700 per month for a 2 bed and renting it out for £1000 per month:
Total across 12 months
Mortgage: £8400
Rental income: £12000
Tax: £4800
Leaves you with £7200, BUT your mortgage is £8400
Profit: -£1200
If you want to make it work with the current interest rates then you either have to charge ridiculous rental rates which is not fair for tenants or do it under a limited company.
One less on the market for good tho, now.
*OUTRAGE ONLY APPLICABLE IF YOU EXCLUDE ENORMOUS EQUITY GROWTH
The UK’s housing market is showing growing signs of stress, with mortgage lending collapsing to the lowest monthly level on record, and property valuations falling at the fastest annual rate in almost 14 years.
Figures from the Bank of England show borrowing of mortgage debt fell sharply in April, with consumers repaying £1.4bn more than was taken out in new lending on the month. The Bank said April’s figure, continuing a decline from net zero borrowing in March, was the lowest since records began in 1993, excluding the Covid pandemic.
Separate figures from the Nationwide building society showed that house prices fell in May at an annual rate of 3.4%, representing the sharpest fall since July 2009, when the British economy was grappling with the fallout from the 2008 financial crisis.
You think BTL landlords are cashing out on their equity "the following month"? :SSo... what equity growth? Most BTL mortgages are interest only too. You'd need quite a hefty yield if you're a high earner as someone already pointed out given the changes to mortgage interest tax relief.