Am looking for some advice. I have a house which I am thinking about renting out. My situation is as follows.I live abroad for a lot of the year. I work technically in the UK (freelance for UK company, pay tax in UK, spend requisite tax days in UK etc etc). However whenever I am back in the UK I stay with my parents so they can spend time with me and DS. My sister has been lodging there in my placebut is due to move out so I will have an empty house with me never using it, hence the rental query, My questions are these;
- when I went on mat leave I changed my mortgage to interest only so could afford to spend more time on mat leave. If I rent it out the expected rental income would cover this mortgage, insurances but wouldnt cover the rental agency fee (I can live with this). What I am wondering is, do I need to change my mortgage to buy to let? Should I change back to repayment variable or stick at interest only (realistically I am only likely to keep hold of property for few more years until market bucks up a bit).
Next question, at the moment I get child benefit, obviously on that address. Am also registered self employed there. Can I keep those addresses even if I have tenants in.
Next- generally is it worth paying the rental agents a monthly management fee?
I really appreciate you taking the time to read this and any advice you can give me