Moving to from a residential mortgage to buy-to-let

michaelhunt60

Thanks but I don't think CGT will be too much of an issue for a while yet due to letting relief and PPR.

I can't move back in, it's not an option. Is there a significant chance that they will say "no"?

I'm going to speak to a broker ASAP i think!

michaelhunt60

"Its not an argument... I have pointed out several things to u...if you come one a forum you cant be selective in what people post...yr reaction is typical of one doesnt like what is being posted...at least you have something to think about now......."

I appreciate any constructive help and advice, though you seem to keep jumping to conclusions and you havent really told me anything that i didn't already know. Maybe you need to get away from your computer and learn how to speak to people properly?

VIGILANT22

Just as you need to learn about renting out property without taking the permission of the people who advanced you the money to buy the property....not a law against sitting in front of a computer....however letting without consent!!!??...........

michaelhunt60

"Just as you need to learn about renting out property without taking the permission of the people who advanced you the money to buy the property"

...hence the reason why I came on here looking for advice on how to put things right.

VIGILANT22

don't be so defensive then just 'cause you got it wrong....

Dan_1976

Michaelhunt60, it is wrong that you did not inform the lender, and you should complete a tax return each year to show your earning from the flat and pay tax accordingly, however if you did or did not I dont really care! In the real world it happens and many one off landlords are getting caught out due to lack of knowledge or whatever.

To answer your 1st question though. It is possible, ask your lender for a consent to let, they may just say yes. Is your mortgage repayment or interest only as most lender use the interes only payment for b2l's.

Tax wise you can catch up. If you make less than £2500 profit and are PAYE they change your tax code. Simple forms to complete. As to capital gains tax, its on the sale of the property and the profit you have made and the time you have had it.
http://www.hmrc.gov.uk/cgt/