Fee
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Registered: 16th Nov 05
Location: With AK
User status: Offline
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yes, and I'm pretty sure that if it is in joint names you get 2 annual allowances
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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I bought a buy to let 6 months ago
mortgage goes as already said on needing x deposit and the proposed rental income.
prices in my area for upto £150k are selling well but above that are very slow
market is having a slight decline, i was offered another house just last week as the owner had money troubles and was looking to sell up but keep living in it and renting back off the new owner.
There could be alot of this happening in the near future due to the world banking situation, best keeping an eye on it and if feasable in the next 6 months to a year could be worth buying several properties IMO
[Edited on 31-03-2008 by a_j_mair]
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Kerry
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Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by Colin
I thought the 25% has always been required
nope some lenders only want/wanted 15%
the market is all over the place at the minute its mad ive never been so busy in the 4 years ive worked in mortgages !!
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Jill
Premium Member
Registered: 8th Jun 01
Location: Aylesbury, BUCKS
User status: Offline
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Thank you for your help everyone 
JILL 
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Fee
yes, and I'm pretty sure that if it is in joint names you get 2 annual allowances
Only thing I could think is that you could half the profit and utilise eahc allowance BUT this is the taxman, they generally dont like to lose tax so wouldnt be surprised if its forbidden somehow
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by a_j_mair
This could be alot of this happening in the near future due to the world banking situation, best keeping an eye on it and if feasable in the next 6 months to a year could be worth buying several properties IMO
[Edited on 31-03-2008 by a_j_mair]
Yep agreed there bud, I was sayign to my mum the other day that I fully expect a corporate style scenario where business sell their property and then lease it back will happen in the private sector in the near future!
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myke
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Registered: 7th Feb 01
Location: High Wycombe, Buckinghamshire
User status: Offline
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There are already companies that will buy your house and rent it back to you if you're in financial difficulty. (if that's what you mean Robbo)
Saw some ads in the local rag a few weeks back.
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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Yeah effectively mate
Although i expect it to beocme a more legitimised company rather than the way its done now where I shoudl imagine it costs an absolute fortune and is fairly on the dodgy side!
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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for a buy to let you need a large'ish deposit and rent that will cover something like 125% of your mortgage.
Although as Kerry said there are other companies with different policies and its normally case by case.
We'd struggle to get a but to let on our 2nd flat.... Rent could prob get 800 a month, but the mortgage has just shot up to 1k a month due to the fixed term finishing.
We are trying to sell it at the moment with the tennet punted out 
We have been offered a new 3yr fixed term from current mortgage lender, but are struggling to get other companies to take us on due to us having two fairly large mortgages.. :S both in our names, and on our incomes.... rather than 1 BTL, 1 residential
258k and 158k or something
so.... if the flat doesnt sell it look slike we'll be taking a fixed 3yr deal that will see us paying out on top of rent for a while 
[Edited on 03-04-2008 by AK]
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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change one of your personel mortgages to buy to let and will get it easily Adam
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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you didnt read mt post.....
for a buy to let you need a large'ish deposit and rent that will cover something like 125% of your mortgage.
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John_C
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Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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colin - Principle Private residence Relief
http://www.fairinvestment.co.uk/capital_gains_tax_on_property.aspx
http://www.taxationweb.co.uk/forum/discuss.php?id=4888
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by John_C
colin - Principle Private residence Relief
http://www.fairinvestment.co.uk/capital_gains_tax_on_property.aspx
http://www.taxationweb.co.uk/forum/discuss.php?id=4888
PPR only covers the main house you live in, you still pay CGT on any othe rproperty you own and subsequently sell
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John_C
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Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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you can claim ppr on the time you lived in the property and the gain on that. (so i thought??) When the property is rented of course cgt is applied.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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Yes, exactly... so whenever youre renting it youre liable to CGT... There are some VERY strange rules pertaining to PPR... especially when you rent out your PPR
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