V
verity charles
New Member
Hello
I was hoping someone could help me, I have tried to use 10+ different BTL calculators and have spoken to HMRC but cant seem to get a straight answer and thus have an ability to work out if I am going to lose money renting:
Overview-
I have renovated a property that I am struggling to sell, so am considering renting it out for a year or two
My mortgage repayments are £700pm on a 2.7% 25 year
The rental yield is 900pm + 1000 a year ground rent and service charge
I am a 40% tax payer
I am just trying to work out what profit if any I would make after my mortgage is paid - some estimates seem to say I would pay 5k a year to rent out in tax, but there doesn't seem to be any visibility on how in or out of pocket I would be considering I am paying 700pm to the bank as all the calculators just ask for the interest not my actual payments?
Any help massively appreciated
Thank you
Verity
I was hoping someone could help me, I have tried to use 10+ different BTL calculators and have spoken to HMRC but cant seem to get a straight answer and thus have an ability to work out if I am going to lose money renting:
Overview-
I have renovated a property that I am struggling to sell, so am considering renting it out for a year or two
My mortgage repayments are £700pm on a 2.7% 25 year
The rental yield is 900pm + 1000 a year ground rent and service charge
I am a 40% tax payer
I am just trying to work out what profit if any I would make after my mortgage is paid - some estimates seem to say I would pay 5k a year to rent out in tax, but there doesn't seem to be any visibility on how in or out of pocket I would be considering I am paying 700pm to the bank as all the calculators just ask for the interest not my actual payments?
Any help massively appreciated
Thank you
Verity