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  • FIRST POST
    • AndrewRyan
    • By AndrewRyan 10th Jun 17, 10:40 PM
    • 10Posts
    • 0Thanks
    AndrewRyan
    Buy to Let - Rental income only based
    • #1
    • 10th Jun 17, 10:40 PM
    Buy to Let - Rental income only based 10th Jun 17 at 10:40 PM
    Hello All,

    Really appreciate advice as I am super confused.

    My spouse is not employed but has a big deposit for a Buy to Let. Can she get a buy to let mortgage. The rental income is more than sufficient for the repayment and other expenses. I have a good salary and am a home owner, and am happy to provide gaurantee if necessary.

    Anyone know of situations like this.

    Thanks in advance

    Andrew
Page 1
    • Thrugelmir
    • By Thrugelmir 10th Jun 17, 10:41 PM
    • 55,859 Posts
    • 49,226 Thanks
    Thrugelmir
    • #2
    • 10th Jun 17, 10:41 PM
    • #2
    • 10th Jun 17, 10:41 PM
    Why not jointly apply for the mortgage?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • AndrewRyan
    • By AndrewRyan 10th Jun 17, 10:46 PM
    • 10 Posts
    • 0 Thanks
    AndrewRyan
    • #3
    • 10th Jun 17, 10:46 PM
    • #3
    • 10th Jun 17, 10:46 PM
    Why not jointly apply for the mortgage?
    Originally posted by Thrugelmir
    Wouldn't I need to pay tax on my share of rental income. Just trying to avoid as any income from my share will be 40% to taxman
    • ViolaLass
    • By ViolaLass 10th Jun 17, 11:06 PM
    • 5,073 Posts
    • 7,043 Thanks
    ViolaLass
    • #4
    • 10th Jun 17, 11:06 PM
    • #4
    • 10th Jun 17, 11:06 PM
    Wouldn't I need to pay tax on my share of rental income. Just trying to avoid as any income from my share will be 40% to taxman
    Originally posted by AndrewRyan
    Own 1% of the property and your tax bill will be minimal.
    • ACG
    • By ACG 10th Jun 17, 11:13 PM
    • 15,771 Posts
    • 8,068 Thanks
    ACG
    • #5
    • 10th Jun 17, 11:13 PM
    • #5
    • 10th Jun 17, 11:13 PM
    He would potentially be liable for higher rate stamp duty.
    There are possible a few ways to do this, it would be a case of weighing up the pros and cons along side the costs. It might be worth having a chat with a broker. I am not sure if there are guarantor BTL mortgages available so I doubt that will be an option - but I could be wrong.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • AndrewRyan
    • By AndrewRyan 11th Jun 17, 12:40 PM
    • 10 Posts
    • 0 Thanks
    AndrewRyan
    • #6
    • 11th Jun 17, 12:40 PM
    • #6
    • 11th Jun 17, 12:40 PM
    Own 1% of the property and your tax bill will be minimal.
    Originally posted by ViolaLass
    Thanks. I will try this. Maybe joint mortgage buy an uneven split is the better option.! Can't think of anything else without going down the Ltd company route.
    • AndrewRyan
    • By AndrewRyan 11th Jun 17, 12:41 PM
    • 10 Posts
    • 0 Thanks
    AndrewRyan
    • #7
    • 11th Jun 17, 12:41 PM
    • #7
    • 11th Jun 17, 12:41 PM
    He would potentially be liable for higher rate stamp duty.
    There are possible a few ways to do this, it would be a case of weighing up the pros and cons along side the costs. It might be worth having a chat with a broker. I am not sure if there are guarantor BTL mortgages available so I doubt that will be an option - but I could be wrong.
    Originally posted by ACG
    I am okay for higher stamp duty if that's the only option. This is for the long run so aoak I guess. Let me chat to mortgage broker.
    • Aspiration
    • By Aspiration 11th Jun 17, 7:05 PM
    • 143 Posts
    • 42 Thanks
    Aspiration
    • #8
    • 11th Jun 17, 7:05 PM
    • #8
    • 11th Jun 17, 7:05 PM
    Hi, it would be great to hear how you get on with this after you've spoken to a broker. Read very different things on this when researching.
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