C
cm777
New Member
Hi, I'm a UK expat in Asia looking to have a small portfolio of 2 residential rental properties / 2 retail rental properties...
I understand that commercial properties currently get and will continue to get full mortgage interest relief..... Is it more tax efficient to buy 2 shop units cash, then try to get mortgages on them to buy 1 residential property ? Will I have issues getting commercial mortgages with no residency in the UK ?
Do they look at purely rental income or is offshore employment income a factor also ?
Another thing is, I have read that with shop units...you will get less money released on each unit vs a flat etc, the mortgage period will be shorter vs a flat, and interest higher on commercial mortgages. I'm aiming to buy one of the residential properties outright - with money released from the 2 shops....the other residential property being gifted to me.
I also have no income in UK as yet, so maybe better to utilise my 11k+ tax-free allowance. Though, I am aware of risks of owning rental retail units as an individual vs a company....being sued by tenants.
I understand that commercial properties currently get and will continue to get full mortgage interest relief..... Is it more tax efficient to buy 2 shop units cash, then try to get mortgages on them to buy 1 residential property ? Will I have issues getting commercial mortgages with no residency in the UK ?
Do they look at purely rental income or is offshore employment income a factor also ?
Another thing is, I have read that with shop units...you will get less money released on each unit vs a flat etc, the mortgage period will be shorter vs a flat, and interest higher on commercial mortgages. I'm aiming to buy one of the residential properties outright - with money released from the 2 shops....the other residential property being gifted to me.
I also have no income in UK as yet, so maybe better to utilise my 11k+ tax-free allowance. Though, I am aware of risks of owning rental retail units as an individual vs a company....being sued by tenants.
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