As I'm sure it has been for most, the last year for the SouthCoastAcc family has been pretty tricky, in short my father lost his job and seriously needs a helping hand.
I have a company with a vacant house that he could stay in, there’s no mortgage so that’s one headache avoided.
He wouldn’t be able to afford to pay rent but I was thinking the company could provide the house to me and I could reimburse the BIK charge which seems to be about 2/3 of the market rate of rent.
I estimate it as…
Market value of house = £300,000
BIK = (300,000-75,000)*IR + GRV
BIK = £6,850
I’m estimating the interest rate at 2.6% and the gross ratable value of £1,000.
The property was purchased using refunds released from my home, if I were able to reclaim the interest on my tax return it would all level itself out.
I’m sure I’ve missed something but any pointers would be very appreciated, it’s been a long and tough weekend and my head hurts.