Best use of 60k gift

Discussion in 'Money makeover' started by Ballymag, Sep 4, 2017.

  1. Sarenco

    Sarenco Frequent Poster

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    4,033
    Well, BTL mortgage rates are high because lenders got badly burned by high default levels in the recent past and hence the pricing.

    You obviously don't have to pay an accountant to prepare your tax return if you are happy to take on the job yourself. But bear in mind that your own time costs are not deductible for tax purposes.
     
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  2. galway_blow_in

    galway_blow_in Frequent Poster

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    580
    i would not invest in a BTL unless i had more than half the cost and i would not be that keen with that kind of loan to book value tbh
     
    noproblem likes this.
  3. Ballymag

    Ballymag Registered User

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    17
    God I love this site. Thanks people for that great breakdown of figures etc. You are right though - a rent of 1300-1400 would be more realistic and as it would likely be an apartment there would be an annual fee of 1000 (guesstimate). All that eats in to any likely profit. One other question - isn't there a way to offset some tax by maximising AVCs? As I mentioned I work part time so will be short on service for pension purposes. Could anyone give me an idea of how much could be offset etc. I know it probably won't make a huge difference but just want to consider all the figures before I abandon investment in property. Thanks.
     
  4. cremeegg

    cremeegg Frequent Poster

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    1,807

    You should probably start a new thread on the pensions forum for the AVC issue.