*Amy Varle Interviews Richard Ignatowicz from Mortgage Savers
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Overview Of Contents
1. Section 24 And Setting up a Buy To Let Limited Company
As we've looked at in previous videos, Section 24 is likely to make buy to let a lot less profitable and could even see some investors fall into negative cash flow.
One way round the changes to mortgage interest tax relief is to set up a buy to let limited company, managing your properties from within an incorporated framework.
But, tread cautiously, this might work for some but won't be the best course of action for everybody.
2. Lessons From Ireland
The Irish government introduced something similar to Section 24 and have repealed it.
What they found in Ireland was that, in order to become profitable once more, landlords increased their rent by 50% which caused a lot of hardship for tenants.
Something similar may well happen in the UK.
3. Setting Up An SPV
If you have already decided to set up a limited company for your buy to let properties then it needs to be an SPV with a specific sic code for rental properties.
*NB On tax matters you should always consult with an accountant or financial advisor.
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