Must I change to a buy to let?

murphy._2

My fiance and I both have houses, I am currently living with her and renting mine, I have had permission (at a fee) from my mortgage provider to rent the property ( I think for a year) will they expect me to pay annually to rent the property or after 1 year will i have to switch to a buy to let mortgage?
I will probably keep renting for the next few years and then sell it, so I don't intend keeping it longterm.

Typhoon2000

It depends on your lender, if you say you are letting it temporarily while living elsewhere and its not your intension to let it out indefinately, there are usually fine with that though they may raise the interest rate or ask for a fee to give permission. This is probably the cheaper option compared to getting a buy 2 let for a short term.
Remember if you let it out for more than 3(?) years you will need to pay some Capital gains tax when you come to sell.

longwalks1

sorry for hijacking, Typhoon is it right that if murphy rents his place out for say 6 or 7 years, then wishes to sell, he can move back in for a period of time (cant remember what it is, 1 year or something like that?) then sells it, they wont pay capital gains tax?
Apologies if I'm completely wrong

VIGILANT22

Just ask an MP, they're the experts in that field!

opinions4u

britishboy wrote: »

sorry for hijacking, Typhoon is it right that if murphy rents his place out for say 6 or 7 years, then wishes to sell, he can move back in for a period of time (cant remember what it is, 1 year or something like that?) then sells it, they wont pay capital gains tax?
Apologies if I'm completely wrong

CGT would be due for the period of time that the property wasn't the main residence. It might be wise to get a couple of conservative valuations from local estate agents just before moving back in.