Buy to let

lesandflynny

Hi There

Has anybody had any experience of buy to let mortgages recently? Where might I find a good comparison site for the various products currently on the market?

I want to buy a 2nd house to let out and cash it in after about 10 or 15 years to pay for my childrens uni fees.

Somebody suggested re-mortgaging my current home to buy this 2nd property but I suppose this carries extra risk. I can manage some risk if this is a much cheaper or safer option. However, If I buy a 2nd property and owe nothin on it, will I get stung when i sell it for tax. I know there are no taxes currently on house sales but I sense there soon will be.

Another question, when I get the money out of the property where do i out it to avoid tax on my savings, should I dump it in my pension where i can draw down at 55 (15 years)...........

I hope there are some financial wizards out there who can offer a view......


Here's hoping

Diane

Gingham_Ribbon

This is just right for the mortgage board. I'll move it over for you, where you should get a better response.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email !!!!!!.

Thanks.

herbiesjp

lesandflynny wrote:

I know there are no taxes currently on house sales but I sense there soon will be.

Diane

Diane

There is no tax to pay on the sale of your main residence, however there could potentially be a tax liability on the sale of second/investment properties.

Provided you meet the minimum income criteria of a lender, and have the minimum depsoit of that lender, and the rental income is sufficient to justify the mortgage requested - you can get a BTL mortgage on the property itself rather than raising the money from your own property