Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error
BTL or pension?
+ Reply to discussion
Options
Athena
Posted: 12 March 2017 23:08:36(UTC)
#1

Joined: 12/03/2017(UTC)
Posts: 1
Good Evening all!

I own a little house in London (400K) but plan to move out to where the property is cheaper(300K) in the next few months. My current mortgage is portable which means that I could have a bit of cash left one I purchase my next property. I would really love to keep my London property and get a buy to let mortgage on it, and buy somewhere to live as well. I can't figure out if this is really possible and was hoping someone could advise me!
I am self employed and have no pension at all, so in theory one of the properties would serve as my pension, although Im sure the tax man won't see it that way!
Thanks in advance
Back to top Quote
jvl
Posted: 13 March 2017 17:32:23(UTC)
#2

Joined: 01/04/2016(UTC)
Posts: 1,125

Thanks: 1062 times
Was thanked: 1924 time(s) in 754 post(s)
For me it'd be pensions all the way.

Until last year I had no pension at all. I didn't like them because of the restrictions. Since Osborne lifted the restrictions (the one good thing he did), I've been stuffing it with as much as I can every year to take advantage of the tax relief (while it's still there!)

I'm a one-man company and with the current government treating small business as tax dodgers (instead of wealth creators and risk takers), it's pretty much the most efficient way left of getting money out of the company and saving it.

The government is also making buy to let unattractive for people having just 1 or 2 properties with higher stamp duty and not being able to offset the mortgage paid (or is it just interest?) against rent received.
Back to top Quote
1 user thanked jvl for this post.
Keith Cobby on 13/03/2017(UTC)
+ Reply to discussion

Markets

Other markets