I read recently that where one is in negative equity that it would be a good idea to form a company and transfer the property and the loan to the company. Self employed income and rent would be lodged to the company. As Corporation tax is at 12.5% I would only pay this rate on my self employed income and I could use the money saved on tax to repay the loan. This is second income as I have PAYE income also.
I approached the bank to transfer the home loan to a company and they refused - is there anything else I can do? All advice welcome.
I approached the bank to transfer the home loan to a company and they refused - is there anything else I can do? All advice welcome.