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  • Mortgages & Finance

    Property purchasing from IOM to UK

    Evening all,

    I am new to this and still within my probation period for the site so I can't reply to private messages.

    I am just wanting peoples thoughts and experiences in regards to an issue I am worried about.

    In 2018 I took the plunge and purchased 2 BTL's with a good friend of mine, it is completely down the middle at 50% and it is not done from a company.

    However after our 2nd purchase my friend was offered a full time job on the Isle Of Man that he would have to relocate for, it was an opportunity he could not turn down and I don't begrudge him of it.

    I have tried to research some questions I have though as I have some worries, I can't seem to get a straight answer online so would anyone be able to help me with the below questions?

    • Is it possible for us to get a BTL mortgage for another property in the UK with him living in the IOM?
    • Would it be possible for us to get a BTL mortgage for a property on the IOM?
    • Has anyone got any experience in purchasing UK properties from the IOM? Was it difficult?
    • In regards to my tax returns, will I just be paying half of the income and declaring half of the expenses as it is completely 50/50? and the other 50% will be for him to declare within the IOM?

    I appreciate any assistance as like I said I am a complete novice and I wasn't expecting to be in this position, especially not within the first year.

    Thanks in advance

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    Your friend will have to look at his tax position as the IOM has a different tax position to us in the UK. So any joint ventures with the uk and vice versa needs to be looked into by both of you. It is easy to buy a property in the IOM as it does not have the same restrictions as Jersey and Guernsey.

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    1) individual lenders will have their own rules regarding his IOM residence

    2) the UK property is considered for tax purposes as UK sourced income and so it's taxable in the UK. I presume he is entitled to the personal allowance so he not have any tax to pay. That's his issue although it could affect your mortgage.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022