Rental options without buy to let mortgage

brit1234

Buy to let leeds to the darkside it does

Hi I would strongly recommend that if you rent it out you tell the bank and pay the costs. If you can't then you should still speak to the bank and sort out your finacial issues with living in your current property.

If you don't declare to the bank that you are letting the property out you are breaching their rules and should check the small print of you mortgage deal for their actions incase they find out. However if you do remortgage latter and still rent it out you are commiting a criminal offence (Fraud by missrepresentation) which can result in a prison sentence.:exclamati

Premier_2

Mutton_Geoff wrote: »

FraudBuster wrote:

Don't forget to register your new business with HMR&C

I've seen people post this comment a couple of times. You are under no obligation to register with the HMRC. All you must do however is properly account for and pay any taxes due. Even if the mortgage interest and running costs exceed the rental income (they will) then you still need to complete a tax return. What you don't need to do is register as a new business.

Interesting to note that your post, despite being perfectly accurate, has received no thanks yet (I would have thanked you by hitting the thanks button, but that would invalidate my point somewhat - if you see what I mean)

The post you are commenting on, despite being inaccurate/irrelevant in the context of this thread, has received 4 thanks so far.:rolleyes:

pippi

Quote:

"Interesting to note that your post, despite being perfectly accurate, has received no thanks yet"

I have hit the thanks button for a perfectly accurate post