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Hi fishers! I have offer and signed contract with Deloitte UK and my start day is in the beginning of April. I need skilled worker visa, and we haven’t applied yet for that. Screening and onboarding is in progress. Immigration team doesn’t reply since reached me out 1st time. How much time does it usually needed to go through the whole process? How many days take for visa to be approved since application?Deloitte
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Rising Star
OP - do you realise you pay your full income tax on any rental revenue? So in your case I’d assume at least 40%? And you cannot make any meaningful deductions from the revenue like you used to be. The rent would have to be almost 2x the mortgage payment for you to have more money left than now. By all means, if you can find a property that would cost you £1000 pcm to mortgage and yield £2500 pcm in rent, go for it.
Rising Star
In most cases no
Buying through a ltd company is in most cases more tax efficient. Historically London property was beneficial due to capital growth that more than offset low yields. Now you just have low to no capital growth and shoddy yields. BTL is still decent in the NW.
Rising Star
Depends on the LtV and your other earnings but overwhelmingly not
Conversation Starter
Can you elaborate? Rents are going up like crazy… if you manage to balance rent and mortgage the flat should be repaid naturally over years. Why do you think it’s no longer convenient?
Interest rates for mortgages are still high so paying a large portion of mortgage to the bank, and house price growth forecast particularly for flats is very low, maintenance costs are also very expensive currently. Money you use to secure the house is capital that could be invested and growing elsewhere.
It’s very hard to balance rent & mortgage when you are paying income tax (& you only need it to be empty for 1 month to ruin your return)