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Well I’d like to go all in and get a house for about 140k for that you can get a nice 3 bed in stoke with drive and garage but that means about a 50k morgage .the pros are I could get and control 2 lodgers the con is the x might get sectioned again and I have to quit work

only for them to give her the kids back

a few weeks later.ie I get fucked over.                 Choice b.  Get another 2 bed terrace and have a lodger in both houses but I sort of spend only a bit of time at the other house but can control both lodgers and my main gaff is not at risk has the lodgers will cover the other place                                                      Choice c a bit more expensive a 3 bed terrace bung 2 lodgers in I stay enough to be able to lob em

out if they don’t pay main house not at risk bonus is I could have a lodger there.             Choice d just rent a 2 bed terrace out and hope for the best maybe 425 no control at all my least favrite option but probably the most sensible .  Pros and cons with all of them basicly with some I’d have to kit another house out totaly but I’d buy secant hand yep I pay the bills in 2 houses but I’d be in control and be legally I Hope useing the rent a room scheme lol.my ultimate aim is to get my fucking tax back of this fucking country I just can’t decide the best way to go about doing it .but work on the principle of 300 every 4 weeks from a lodger .

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Minimum wage and then deductions for accommodation. They don’t want local workers. 

You cant use rent-a-room allowance in two houses. Also as I've pointed out to you before you cannot have "lodgers" in two houses, which ever house is not your official main residence will be classifie

Fuck me, there's always one that travelled further than @The XYY Man. You want Cavey's medals.

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2 minutes ago, TheNickos said:

Choice A gets my vote. 2 pads would be ball ache and taxing.

True but would also mean social services geting involved with lodgers I don’t take well to that sort of power from outside influences .however they can be got out fast and replaced quickly but if things get to tits up .maybe I’m overthinking a simple problem but I like options

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You cant use rent-a-room allowance in two houses. Also as I've pointed out to you before you cannot have "lodgers" in two houses, which ever house is not your official main residence will be classified as a full fledged tenancy with all the rights (for them) and hassle (for you) that entails. Also it may be classified as HMO if you are letting to more than one person which bestows some interesting rights on the tenants such as the ability to reclaim all the rent they ever paid you if the HMO didnt meet all the H&S rules.

 

Edited by goldbug9999
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25 minutes ago, goldbug9999 said:

You cant use rent-a-room allowance in two houses. Also as I've pointed out to you before you cannot have "lodgers" in two houses, which ever house is not your official main residence will be classified as a full fledged tenancy with all the rights (for them) and hassle (for you) that entails. Also it may be classified as HMO if you are letting to more than one person which bestows some interesting rights on the tenants such as the ability to reclaim all the rent they ever paid you if the HMO didnt meet all the H&S rules.

 

Cheers that’s limited my options slightly so I could say live in a 3 bed terrace with 2 lodgers legally and rent my own house out or let one of my kids live in it .has long has my main addresse is the new gaff I’m safe so I could let one of my lads stay in my house and give me 300 and he could get one of his mates in to give him 300 that’s even more and I still retain control of both houses .ps my lads paying more than that at his mums lol he is well up for this idea it’s a huge leap in independence for him and he has a mate willing to join him .

Edited by stokiescum
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Rarer to find, especially in city environments but a house that is set up with a separate annex. Can the best of both worlds, you can swap living in the larger / smaller section, very flexible let situation. Not sure if it as a single house tax wise, but can easily find out what the score is on that one. Handy for any problems, though also means they are on your doorstep.

Edited by onlyme
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5 hours ago, stokiescum said:

Cheers that’s limited my options slightly so I could say live in a 3 bed terrace with 2 lodgers legally and rent my own house out or let one of my kids live in it .has long has my main addresse is the new gaff I’m safe so I could let one of my lads stay in my house and give me 300 and he could get one of his mates in to give him 300 that’s even more and I still retain control of both houses .ps my lads paying more than that at his mums lol he is well up for this idea it’s a huge leap in independence for him and he has a mate willing to join him .

Renting to family

Could end up a world of pain

Could you kick your son out ?

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7 hours ago, stokiescum said:

Cheers that’s limited my options slightly so I could say live in a 3 bed terrace with 2 lodgers legally and rent my own house out or let one of my kids live in it .has long has my main addresse is the new gaff I’m safe so I could let one of my lads stay in my house and give me 300 and he could get one of his mates in to give him 300 that’s even more and I still retain control of both houses .ps my lads paying more than that at his mums lol he is well up for this idea it’s a huge leap in independence for him and he has a mate willing to join him .

You don't sound like a man who cares too much for the rules , why follow them now. Nobody else does these days. Beds in sheds, paying less than min wage , claiming disabillity when perfectly fine etc etc.   Just get lodgers in all properties and ignore the rules, as long as you believe your morally doing the right thing just do it. 

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10 hours ago, stokiescum said:

Well I’d like to go all in and get a house for about 140k for that you can get a nice 3 bed in stoke with drive and garage but that means about a 50k morgage .the pros are I could get and control 2 lodgers the con is the x might get sectioned again and I have to quit work

only for them to give her the kids back

a few weeks later.ie I get fucked over.

A £50k mortgage over 25 years would only cost about £50 a month. BTL would make sense with with rental income in your area of what £400 - £500 a month?

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47 minutes ago, sleepwello'nights said:

A £50k mortgage over 25 years would only cost about £50 a month. BTL would make sense with with rental income in your area of what £400 - £500 a month?

I’m 55 nealy I want it paid for

41 minutes ago, JoeDavola said:

Owning multiple houses sounds like a right pain in the arse. Better to own one nicer one IMO.

That’s my quandary 

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Least mortgage.

Garages are great. You do DIY. They are ace.

You would get two lodgers but me..I would rather have no mortgage and have as extra cash over paying a mortgage.

Wouldnt have two houses on the go. Hastle.

And..three bedroom semi...24 months from now is likely to be more for your cash. My view.

Edited by The Grey Man
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1 hour ago, Poseidon said:

You don't sound like a man who cares too much for the rules , why follow them now. Nobody else does these days. Beds in sheds, paying less than min wage , claiming disabillity when perfectly fine etc etc.   Just get lodgers in all properties and ignore the rules, as long as you believe your morally doing the right thing just do it. 

That’s true but councils have some seriese power now .and I don’t like people haveing leverage on me if you get my drift 

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1 hour ago, stokiescum said:

I’m 55 nealy I want it paid for

 

a lot of lenders will allow a term up to when you reach 80 now.

Interest will be under £100 a month. If yo want to pay it off over 10 years then the simple arithmetic works out at just over £400 a month. That would leave it a bit tight, although doable with a rental income of £500 a month. Repairs might cause negative cashflow from time to time. The house would be paid off for you at 65. When you could sell or receive all the income. That's if you wanted to look at it as a long term savings plan.

Here's an online calculator where you can play around with different scenarios:  https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/ 

 

Risky if you think prices might drop.

Edited by sleepwello'nights
caveat
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10 minutes ago, sleepwello'nights said:

a lot of lenders will allow a term up to when you reach 80 now.

Interest will be under £100 a month. If yo want to pay it off over 10 years then the simple arithmetic works out at just over £400 a month. That would leave it a bit tight, although doable with a rental income of £500 a month. Repairs might cause negative cashflow from time to time. The house would be paid off for you at 65. When you could sell or receive all the income. That's if you wanted to look at it as a long term savings plan.

Here's an online calculator where you can play around with different scenarios:  https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/ 

 

Risky if you think prices might drop.

Was thinking of trying to pay it off in 3-4 years in theory it’s do able in 30 months .i have a disposable income if my overtime stays the same of 12/1300 that’s with no lodgers .if nothing changes in my life I could basicly destroy a morgage .however has this virus has shown to millions of people change can come fast very fast .its going to be carnage out there by September 

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