2buyornot2buy Posted February 17, 2016 Share Posted February 17, 2016 . Possibly the most significant change is the removal of tax relief on interest payments. If you've a mortgage on the property, you could end up with more tax than income. True but the wear and tear will have an impact too. Quote Link to comment Share on other sites More sharing options...
little fish Posted February 18, 2016 Share Posted February 18, 2016 This is a good read if you have the time http://www.belfasttelegraph.co.uk/news/northern-ireland/psni-officer-threatened-to-arrest-judge-in-court-34359376.html PSNI officer 'threatened to arrest judge in court' And some Background. http://www.courtsni.gov.uk/en-GB/Judicial%20Decisions/PublishedByYear/Documents/2013/%5B2013%5D%20NICh%2014/j_j_DEE8994Final.htm http://www.courtsni.gov.uk/en-GB/Judicial%20Decisions/PublishedByYear/Documents/2013/%5B2013%5D%20NIQB%20136/j_j_DEE9134Final.htm He's been doing the rounds as a litigant in person for years. http://www.bbc.co.uk/news/uk-northern-ireland-35597461 Contempt of court. 3 months if he doesn't spologise. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 18, 2016 Share Posted February 18, 2016 http://www.bbc.co.uk/news/uk-northern-ireland-35597461 Contempt of court. 3 months if he doesn't spologise. Be interesting to see what the police ombudsman says on the matter. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 24, 2016 Share Posted February 24, 2016 (edited) More mortgages taken out in NI in final quarter of 2015 than any other quarter since mid-2007, according to new data from @cmlpressoffice Tweet by Julian O'Neill In the report it gives the loan to income, for first time buyers of 2.8 https://www.cml.org.uk/news/press-releases/northern-ireland-press-release/ Edited February 24, 2016 by BelfastVI Quote Link to comment Share on other sites More sharing options...
Gareth77 Posted March 19, 2016 Share Posted March 19, 2016 I was the Gareth the ftb interviewed by telegraph in cairns If anyone wants an update I'll provide it Quote Link to comment Share on other sites More sharing options...
Gareth77 Posted March 19, 2016 Share Posted March 19, 2016 Nov 2007 wow http://m.belfasttelegraph.co.uk/life/house-home/its-a-firsttime-buyers-market-28485212.html Quote Link to comment Share on other sites More sharing options...
yadayada Posted March 19, 2016 Share Posted March 19, 2016 Yes let's hear it. Quote Link to comment Share on other sites More sharing options...
Gareth77 Posted March 20, 2016 Share Posted March 20, 2016 Possible scenarios: 1. Bought an apartment that devalued £10k per month 2. Didn't buy 3. Combo of 1&2 Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted April 14, 2016 Share Posted April 14, 2016 Average house price in Northern Ireland rises by 2.4% to £157,000 in FebruaryBT 13th April 2016 http://www.belfasttelegraph.co.uk/news/northern-ireland/average-house-price-in-northern-ireland-rises-by-24-to-157000-in-february-34621907.html Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted April 20, 2016 Share Posted April 20, 2016 Number of Northern Ireland unemployment claimants rises http://www.bbc.com/news/uk-northern-ireland-36092670 The number of people claiming unemployment benefits in Northern Ireland rose for the second consecutive month in March. The number was up by 200 to 38,600 following a rise of 200 in February. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted April 21, 2016 Share Posted April 21, 2016 Number of Northern Ireland unemployment claimants rises http://www.bbc.com/news/uk-northern-ireland-36092670 The number of people claiming unemployment benefits in Northern Ireland rose for the second consecutive month in March. The number was up by 200 to 38,600 following a rise of 200 in February. It would appear the number of people unemployed increased as did the number of people in employment (perhaps back to doing the old double). JPCampbellBiz (20th April 2016) "Number of people in employment in NI (834,000) highest since LFS series began in 1995, due to increasing employment rate & population growth" Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 23, 2016 Share Posted April 23, 2016 (edited) McGrath Bros: 171 jobs to go at Lisburn-based construction firm http://www.bbc.co.uk/news/uk-northern-ireland-36113741 Joint managing director Brian McGrath said trading conditions in the manufacturing and construction sectors had a "severe impact" on the business. He said: "Legacy contracts taken on during the recession have also taken their toll on main contractors and specialist sub-contractors alike, all linking to underpayments of completed works and disputed final accounts." Thursday: 'No cuts at Ulster Bank'. Friday: 'Actually 60 jobs will go' http://www.irishnews.com/business/2016/04/16/news/thursday-no-cuts-at-ulster-bank-friday-actually-60-jobs-will-go--487827 Bombardier says 630 jobs to be cut in NI in 2016http://www.bbc.co.uk/news/uk-northern-ireland-36091024 Bombardier has adjusted its previously announced job cuts programme in Belfast, with a greater number of redundancies due this year. The aerospace company said in February that it was axing 1,080 posts over two years, about 20% of its Northern Ireland workforce. But it now says up to 630 will go in 2016 - as opposed to the 580 stated initially. Late last year the Northern Ireland workforce was asked to accept pay cuts and other changes to terms and conditions with the firm saying it was "in serious financial crisis". However the proposal was overwhelmingly rejected in a ballot of union members. Edited April 23, 2016 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted April 23, 2016 Share Posted April 23, 2016 House-hunters camp out in bid to snap up new properties in Tyronehttp://www.belfasttelegraph.co.uk/news/northern-ireland/househunters-camp-out-in-bid-to-snap-up-new-properties-in-tyrone-34649003.html The desperate buyers............... Blah, Blah snap up Blah Blah, first come first served, fierce competition, word of mouth, high demand......Yawn Blah blah Quote Link to comment Share on other sites More sharing options...
darkmarket Posted May 28, 2016 Share Posted May 28, 2016 http://www.independent.ie/business/ulster-bank-to-sell-more-than-900-customers-mortgages-to-vulture-funds-34745799.html "Debtors won’t be told until the deal closes whether their loans are included in the sale." "The sale of €2.5bn of distressed business loans (65pc), buy-to-let mortgages and owner occupier mortgages is aimed at substantially clearing out all remaining toxic property linked loans on the bank’s book on both sides of the border." "David Hall of the Irish Mortgage Holders’ Organisation says the Ulster Bank sale of the loan book would be the first of many, as other banks would now do the same." http://www.belfasttelegraph.co.uk/business/news/ulster-bank-selling-2bn-in-distressed-loans-to-vulture-funds-in-bid-to-offload-debt-34747322.html "(Hedge funds) do not provide facilities or overdrafts. They are interested in how they are going to pay back the loan. It's pretty disastrous." Quote Link to comment Share on other sites More sharing options...
little fish Posted May 28, 2016 Share Posted May 28, 2016 http://www.independent.ie/business/ulster-bank-to-sell-more-than-900-customers-mortgages-to-vulture-funds-34745799.html "Debtors won’t be told until the deal closes whether their loans are included in the sale." "The sale of €2.5bn of distressed business loans (65pc), buy-to-let mortgages and owner occupier mortgages is aimed at substantially clearing out all remaining toxic property linked loans on the bank’s book on both sides of the border." "David Hall of the Irish Mortgage Holders’ Organisation says the Ulster Bank sale of the loan book would be the first of many, as other banks would now do the same." http://www.belfasttelegraph.co.uk/business/news/ulster-bank-selling-2bn-in-distressed-loans-to-vulture-funds-in-bid-to-offload-debt-34747322.html "(Hedge funds) do not provide facilities or overdrafts. They are interested in how they are going to pay back the loan. It's pretty disastrous." There are 2000 BTL mortgages in this bundle too. North or South? http://www.thejournal.ie/ulster-bank-family-homes-sale-2788255-May2016/?utm_source=twitter_self Quote Link to comment Share on other sites More sharing options...
darkmarket Posted May 28, 2016 Share Posted May 28, 2016 There are 2000 BTL mortgages in this bundle too. North or South? One article just said the portfolio covered North and South, no more detail. Quote Link to comment Share on other sites More sharing options...
yadayada Posted July 5, 2016 Share Posted July 5, 2016 And why would they, since no one ever gets nailed for filtering diesel, which is supposedly a crime? Now this anomaly has been recognised , it can be stopped pretty quickly. It does make you wonder - if these schemes need to be subsidised, maybe they just don't make sense either economically or energy wise. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 2, 2016 Share Posted August 2, 2016 http://www.itv.com/news/utv/update/2016-08-02/ni-sees-biggest-drop-in-home-ownership-of-uk-nations/ NI sees biggest drop in home ownership of UK nations. Too many easy BTL loans and no level playing field for home owners? Not enough disposable income to risk a mortgage? The people farmers buying up stock. Hopefully future tax changes will redress the balance and people can move to something more productive socially and economically. Quote Link to comment Share on other sites More sharing options...
yadayada Posted August 2, 2016 Share Posted August 2, 2016 The people farmers buying up stock. Hopefully future tax changes will redress the balance and people can move to something more productive socially and economically. Tax changes already made. Not an attractive investment without capital gain. Who was it on here who claimed to be making money having bought post crash? Not that any recovery in prices was particularly obvious, any updates available from our resident property emperor ? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted August 2, 2016 Share Posted August 2, 2016 Tax changes already made. Not an attractive investment without capital gain. Who was it on here who claimed to be making money having bought post crash? Not that any recovery in prices was particularly obvious, any updates available from our resident property emperor ? What tax changes were they? Was it something to do with BTL mortgage repayments? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 2, 2016 Share Posted August 2, 2016 What tax changes were they? Was it something to do with BTL mortgage repayments? BTL tax relief at basic rate. Also means all the rent you receive will count as earnings, so a basic rate payer could move to the higher rate. Example for higher rate tax 10,000 per year rent 1000 wear and tear allowance (10%) 8,000 interest payments 1000 profit tax = 40% of 1000 = £400 Total profit = £1600 IN 2020 10,000 per year rent No more wear and tear 8,000 interest pays 40% tax on 10000 = 4000 Minus 20% relief = 800 Total tax = 3200 Profit = NOTHING Loss = £1200 Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted August 2, 2016 Share Posted August 2, 2016 BTL tax relief at basic rate. Also means all the rent you receive will count as earnings, so a basic rate payer could move to the higher rate. Example for higher rate tax 10,000 per year rent 1000 wear and tear allowance (10%) 8,000 interest payments 1000 profit tax = 40% of 1000 = £400 Total profit = £1600 IN 2020 10,000 per year rent No more wear and tear 8,000 interest pays 40% tax on 10000 = 4000 Minus 20% relief = 800 Total tax = 3200 Profit = NOTHING Loss = £1200 Thanks for explaining. Am I reading correctly that the 'wear and tear' allowance is being removed? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 2, 2016 Share Posted August 2, 2016 (edited) Thanks for explaining. Am I reading correctly that the 'wear and tear' allowance is being removed? It was removed in the last budget. Only provable expenditure can be claimed and not improvements. The government expects to raise around 200 million per year from its removal. Edited August 2, 2016 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
headmelter Posted August 2, 2016 Share Posted August 2, 2016 BTL tax relief at basic rate. Also means all the rent you receive will count as earnings, so a basic rate payer could move to the higher rate. Example for higher rate tax 10,000 per year rent 1000 wear and tear allowance (10%) 8,000 interest payments 1000 profit tax = 40% of 1000 = £400 Total profit = £1600 IN 2020 10,000 per year rent No more wear and tear 8,000 interest pays 40% tax on 10000 = 4000 Minus 20% relief = 800 Total tax = 3200 Profit = NOTHING Loss = £1200 £10k annual rent is somewhat wishful thinking imo.... Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted August 2, 2016 Share Posted August 2, 2016 £10k annual rent is somewhat wishful thinking imo.... Wishful for where? It's a made up house. Mine would rent for 12-15 a year. Quote Link to comment Share on other sites More sharing options...
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