Originally posted by ChimpMaster
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100% BTL Mortgage
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merely at clientco for the entertainment -
Originally posted by eek View PostI wouldn't call it punitive taxation - then again I don't believe that interest should be tax deductible at all as it distorts the market....
It was better before Gordon removed MIRAS under a Labour government in 2000. Prior to that, everyone had interest cost relief and so the all homeowners were on a level pegging, and in a better position than today.
But - rather than re-introduce a MIRAS type solution, the Cons decided to tax everyone sh1ltoads more. Giving all homeowners interest relief would have created so much more positive economic output and eventually more taxation revenue.
And instead of a win/win for the people of this country, the government simply thought "how can we extract as much tax revenue from everyone". They're slaying the goose.
And everyone's a loser.Comment
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Originally posted by ChimpMaster View PostTell that to any other business. Let's make it truly 'fair'. You've got to see through the bullsh1t HMRC spout before you really see what's going on.
It was better before Gordon removed MIRAS under a Labour government in 2000. Prior to that, everyone had interest cost relief and so the all homeowners were on a level pegging, and in a better position than today.
But - rather than re-introduce a MIRAS type solution, the Cons decided to tax everyone sh1ltoads more. Giving all homeowners interest relief would have created so much more positive economic output and eventually more taxation revenue.
And instead of a win/win for the people of this country, the government simply thought "how can we extract as much tax revenue from everyone". They're slaying the goose.
And everyone's a loser.
Also MIRAS was restricted to the first £30,000 of a loan, was essentially killed off in 1988 (causing the crash in 1989-91) and worked remarkably similarly to the way S24 works...merely at clientco for the entertainmentComment
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Originally posted by eek View PostSo you agree that the market has been unfairly biased against owner occupiers for 20 years but don't accept that things need to change....
Also MIRAS was restricted to the first £30,000 of a loan, was essentially killed off in 1988 (causing the crash in 1989-91) and worked remarkably similarly to the way S24 works...
That's not the way the world works though is it? You take on risk, so you should reap the reward.
But we digress. My point - abundantly clear in my previous post - was that there are positive ways to influence the market and the economy, but successive UK governments instead choose to influence by legislation that penalizes rather than promotes.Comment
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Originally posted by SimonMac View PostDo they still exist?
Have a property with a mortgage LTV at about 70%, it’s let out at the moment and now things have settled with a new tenant I’d like to remortgage. NatWest who all my other accounts are with are happy to give me a BTL Mortgage up to about 75% no qualms.
However what ideally I’d like to do is take out as near a 100% Mortgage and use the balance to buy another property, the equity in the BTL is about the 10% I’d need as a deposit for the place I want to buy, does anyone out there still do 100% Mortgage for BTL?What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by ChimpMaster View PostAnd no doubt you agree that all contractors should be forced under PAYE for 100% of their earnings. After all, it's not fair that the market is unfairly biased against employees, right?
That's not the way the world works though is it? You take on risk, so you should reap the reward.
But we digress. My point - abundantly clear in my previous post - was that there are positive ways to influence the market and the economy, but successive UK governments instead choose to influence by legislation that penalizes rather than promotes.merely at clientco for the entertainmentComment
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Originally posted by eek View PostIf you are a bum on seat contractor then yes I do believe things should be fair (hint I'm no longer a bum on a seat contractor)... And given the structural deficit Gordon Brown left the economy in you can see why the decision was made to equalise the issue by S24 rather than introducing Miras...
But seriously, the point is that there are positive ways to influence the economy, to promote growth rather than penalize success. It's just that governments choose to slay the goose rather than invest in all and reap the rewards.
Anyway..................I trust that OP's question on mortgages has been answered.Comment
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Originally posted by ChimpMaster View PostSo punitive taxation is OK so long as it doesn't affect you. Or maybe you would be happy paying retrospective tax on all those years that you were a bum-on-seat contractor? After all, the government needs that money more than ever now.
But seriously, the point is that there are positive ways to influence the economy, to promote growth rather than penalize success. It's just that governments choose to slay the goose rather than invest in all and reap the rewards.
Anyway..................I trust that OP's question on mortgages has been answered.merely at clientco for the entertainmentComment
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Hasn't this boat sailed loonng way back?
Personally I feel BTL mortgages should not exist. On the other hand they do help get rental properties on the market. However, this market is now totally dependent on the monthly mortgage payment owed and hence the rent itself is a distorted amount.
A real clean up is required and rents should come down massively to reasonable levels and not levels determined by how much mortgage leverage the 'landlord' has gotten his nose into.Vote Corbyn ! Save this country !Comment
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Originally posted by fullyautomatix View PostHasn't this boat sailed loonng way back?
Personally I feel BTL mortgages should not exist. On the other hand they do help get rental properties on the market. However, this market is now totally dependent on the monthly mortgage payment owed and hence the rent itself is a distorted amount.
A real clean up is required and rents should come down massively to reasonable levels and not levels determined by how much mortgage leverage the 'landlord' has gotten his nose into.
Many businesses borrow money to buy assets (stock, machinery, buildings) so why should being a landlord be the reserve of the super rich who don't need to borrow?Taking a break from contractingComment
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