Buy-to-let to normal Mortgage..

payless

pool-hustler wrote: »

OK. Thanks. that is helpful.
I can still leave the mortgage well alone then...
I don't have to declare all that until I sell though do I?

You need to " disclose " here if you want any reasonable replies though

hearts

I would just go away now and forget all about this. ;-)

I'm not advising you to do this. I'm just saying what I would do in your positon ;-)

silvercar

capital gain is nothing to do with the mortgage.

The capital gain is calculated on the difference between the selling price and buying price less buying and selling costs. Reliefs are avilable for the time it was your home and the last 3 years of ownership. So it sounds like you will be taxed on some of the gain. If you owned it for 10 years and lived in it for the first 5 years, you would be taxed on half the gain. You also have allowances. letting relief is worth upto 40k and you have a personal CGT allowance of 9.6k. So unless you have made big gains there won't be a bill. The sale should still be declared on your tax return.

If your rental income covered not much more than the mortgage interest, thre was probably no income tax to pay. You should still have declared the income on your tax return.

You should have the correct mortgage for the property (and the correct building insurance). If you now tell the lender you are living in the BTL property they can note it on the mortgage file; I doubt they will be bothered, it is the reverse scenario that raises eyebrows.

pool-hustler

OK thanks.
I obviously do not want to lose my tracker deal. which is what will happen...