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You will have to ask your mortgage provider if they will give you more money and how much. I would expect that the answer would be no. If your income was enough to repay the current loan then why are you on interest only.KeyserSoze5 said:How do I go about working out how much we could have to spend on the 2nd place?.
You can not be liable for stamp duty on the original house because you already own it but you will be liable for tax on the rental income so factor that in to your calculations.KeyserSoze5 said:If we move into our 2nd home (which will a new home), will be liable for stamp duty on this home or the original? or any?
woods said:You can not be liable for stamp duty on the original house because you already own it but you will be liable for tax on the rental income so factor that in to your calculations.
You may also be exempt from stamp duty if over 125 sq metres1. Whether you are liable for stamp duty on the new home depends on the size of the floor area. If it is under 125 sq. metres, you will be exempt from stamp duty if you are owner ocupiers.
Over Floor Area of 125 sq. m
New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor
not due for completion/signing until Sept/Oct 2006
Glenbhoy said:Do they not teach even a little prudence/conservatism in those ACA lectures anymore Kaiser?
Glenbhoy said:and to be honest, in your circumstances they will be doing you a favour.
`flyer4 said:Glenbhoy - I can accept any critisism positive or negative but my understanding is that the purpose of this website is to thrash-out concerns in return for logical advice, of which you have offered none. Banks are plentiful & greedy and apply probabilities when approving mortgages based on concrete information. If you can offer any rational or factual answers to my questions to clarify this process it would be much appreciated, whereas your opinions really have no relevance.
From the figures you've given, you actually don't "own" anything. You've still got 92% of the original price to pay back to the bank.KeyserSoze5 said:we both own the original apt I talked about
flyer4 said:Howitzer - Thanks for the advise but just to clarify, no bank will consider rental income whatsoever even if you have a property rented & signed contracts with tenants?
flyer4 said:what about a joint venture?
Howitzer said:Then it becomes a business loan and they will look to;
1. Business plan. I guess your list of Qs form a basis for you to work out the numbers. If the numbers don't work they won't touch you but you may get lucky.
Okay, that I can put together.
2. Their past business relationship with you. 6 months interest only mortgage wouldn't cut it with me but you may get lucky.
I have 3-4 years history of mortgage payments (not FTB), never Interest only, doesn't appeal to me on my main property.
3. Your past success in this field. 6 months interest only mortgage wouldn't cut it with me but you may get lucky.
two quick sales (less than 18-24 months), propably 20-30% return.
4. What you current tax compliance is.
PAYE, but i work on drawings (planning) on a personal level, for which i am not registered. <10k p.a. so not much point.
5. Have you registered with the ptrb. Can't get mortgage interest relief without a registration number.
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