BTL or regular mortgage?

thewaterboy

My dad and I are considering buying a property, as an investment, and renting it out. My dad owns a house and I live with him and do not own a property myself. We need advice on whether or not to take out a BTL mortgage.

The advantages of a BTL mortgage is that we can hopefully rent the property out from day 1, but the disadvantage is that we will be liable for capital gains tax.

The other option is that we takle out a regular mortgage and I live in the house for a few months. I then phone the bank and ask them is it ok to rent out the property. Assuming the bank agrees, we can then rent the property out and will not have to pay capital gains tax for the period i lived there plus three years.

Which seems the better option? Are banks happy to allow you to rent out the property after you have only lived there for 3 months? Any advice is much appreciated! :T