self employed mortgage

[Tony Croft aka hamadryad]

rent isnt much cheaper than mortgage and is as far as I am concerned a no brainer, my house is going up in value each year. yes even at the moment, due to location.

 

I have the repayment option interest only is just too easy a trap to get used to it, at the end of it you own nothing.

[firewoodman]

you cant have both, when i wanted to borrow a lot of money, i worked my nuts off and we hardly claimed anything to keep the profits up for borrowing, got all the mortgages and loans but got a mighty tax bill too, but the value of the property was going up very quickly so it was worth it:001_smile:

 

i know what you mean, but i did make a substantial profit, i just re-invested the profit into the company to make more profit, which i then re-invested to make more again.

 

i'm now being penalised for it as the mortgage only goes on what you pay tax on, not on what your profit would've been if you did not want to grow your business.

 

if we went on this profit before the allowable capital adjustment, we would be having a different conversation (probably about how much ridiculous amonts of tax i pay out which goes to bail out the banks:sneaky2:)

[firewoodman]

self cert mortgages were wiped off the board 2 years ago after northern rock had their little woopsy, but if you have a mortgage already you will be ok, but you will have fewer mortgages to choose from, variable rates with collars are long gone, interest only is always cheaper and repayment is a fortune, but take whatever keeps a roof over you head, personally i would rent and save my money for a big deposit.:thumbup1:bargains appear all the time, you just need to have a little pot ready

 

i can afford the repayments, and have 62% equity so have a big deposit, like hamad wont rent and been caught with intrest only before.

[Johny Walker]

rent no way:thumbdown: my morgage costs me the equevilent to a bulk bag of firewood

[Stephen Blair]

do you mean you get 100% tax relief on your new kit?

what are you trying to buy?

[Stephen Blair]

rent no way:thumbdown: my morgage costs me the equevilent to a bulk bag of firewood

 

every situation is diferent johny, how long have you owned your house or been on the property ladder? i rented for years so i could save up for kit, i struggled to raise my turn over with the kit i had, so i iether got a crap flat in a crap area, or lived in a shack for peanuts,i roughed it for 5 years, built up the business and then used the books and money to invest in more kit and property. owning a house if you think about it is nuts, you work all your life to pay off a mortgage then give it away when you die, with renting you just pay your rent and job done, if the roof blows off or the pipes all burst in the winter, who cares the landlord will fit the bill.

[firewoodman]

do you mean you get 100% tax relief on your new kit?

what are you trying to buy?

 

yes

 

trying to buy a house mate for a little bit moe than i'm selling mine for, but is bigger and in better area

 

 

did you mean what did i buy, i bought 1x42 greenspeed new and a skidsteer new and 2nd hand tractor

[firewoodman]

owning a house if you think about it is nuts, you work all your life to pay off a mortgage then give it away when you die, with renting you just pay your rent and job done, if the roof blows off or the pipes all burst in the winter, who cares the landlord will fit the bill.

 

but when you die it goes to your kids, which is another reason you work, although tax man gets 40% cgt or it

[Stephen Blair]

although tax man gets 40% cgt or it

 

only if you dont know what forms to fill in:thumbup1:

[rossj]

i was talking to a customer who works with mortgages and has done for years and he says self certs will possibly be back by the end of the year ! i have 2 self certs (all be it i got them when times where good !) one is with the coventry the other one is mortgage express maybe give them a call at the back end of the year if you've not had any look !