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Buy to let mortgage help

1 reply

loves2plan · 26/11/2021 19:14

Hi everyone, looking for some advice if anyone has any experience in this area please! I currently own a home which has one year left of a two year fixed rate mortgage. I am wanting to move in with my partner and would like permission to let my property out. My mum is in rented accommodation at the moment so would be the ideal tenant but I’ve been reading (and getting myself stressed) around all of the additional regulations regarding family tenants. I’m also very confused with regards to paying income tax on the rental income. If anyone has any advice at all around this area it would be really greatly appreciated. Thanks in advance.

OP posts:
maofteens · 26/11/2021 19:46

Other than some mortgage companies may not allow you to rent to family members I'm not aware of any extra requirements.
But you must have a proper lease and adhere to all the regulations. You can't skip these just because it's a family member.
As for tax rent is obviously income but there are some deductions you can get, like service charges and maintenance costs. I'm sure there's a list of what is allowed on a government website.
Be aware that when you sell you may have to pay capital gains tax depending on how long you are no longer resident.

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