introducing steve mears – independent financial advisor the money man
Buy-to-let – times are a changing…
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Many of you in the room tonight will already be Landlords, and many may wish to be. As you may be aware, things have changed recently, and good advice is therefore even more critical to getting the most from your investment. Listed below are just a few of the important points: • Mortgage interest relief is being cut for individual landlords from 2017 • From 2020 the maximum relief will be restricted to the basic rate regardless of the individual’s tax bracket • Landlords will no longer be able to deduct all their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their personal finance. • Relief will now be given as a reduction in their tax liability. Instead of a reduction to the taxable rental income. Lenders have also changed the way they calculate how much they will lend, which often means a 75% loan will no longer be achievable, when buying in personal names.
” We have always recommended that our Investor clients should work with an Accountant, and it is now vital that anyone in this market takes advice to avoid pitfalls and maximise incomes. One option, which may work for some, is to purchase in, or re-mortgage to, a Limited company. We now have several lenders who will lend to a new Limited company set up for the express purpose of Buy to Let, and we are sure that the number will grow in the coming years, as the Tax changes take hold. We also have accountants who specialise in this arena, who can help make the decision of the best way to proceed. Please feel free to chat with one of our team tonight or call the office and arrange to pop in and go through your options. We will also be happy to discuss any other aspect of auction finance, such as Bridging and re-mortgaging. Happy Bidding! …things have changed recently, and good advice is even more critical…
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Please remember YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE .
to contact Steve, email info@stevemears.com , telephone 0117 973 4300 or to find out more about Steve Mears Independent, visit www.stevemears.com
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