Hello
We want to buy a property when we receive my husband's pension lump sum.
We will add a mortgage to it in order to buy the property.
We will have about £80k to invest.
We will want about an £80k mortgage.
So we will be looking to buy a property for about £160k. Our daughter will live in it and pay us rent (to cover the mortgage).
We may want to sell it in a few years. Or rent it to tenants (i.e. not my daughter).
Our house is worth about £450k. It is in both our names. We currently have a mortgage of approx £10k.
Should we take out a BTL mortgage?
Or perhaps just a second residential mortgage? In whose name? His or mine? Or joint?
Or perhaps just remortgage our own house? (We can either tell the truth or spin a yarn about what it's for).
We both work. I pay standard-rate tax. My husband is on the cusp of standard/upper rate.
Help!