House rented

mortgagenewbee

I have just got my main residence rented out and I have moved back in with my parents. I would like to remortgage next year to put down a deposit for a second property - I have no problem doing this but now that I am not living at my main residence do I change my electoral roll to where I am living now - my parents house?

Will I have any problems when I come to remortgage next year with me not living at my main residence? I know that if I do buy a second property I have to declare my main residence after two years but can't think of anything else at the moment.

BitterAndTwisted

Yes, you should go on the electoral role for where you are living now. Have you sorted out the council tax liability for the rented property? Do you have your lender's permission to let? Have you joined a landlords association? Do you have the correct buildings insurance in place? Are you aware of your tax position in relation to being a landlord? You might find that when you come to trying to remortgage you may only be able to get a buy-to-let one which usually attracts a higher interest rate than a residential one

mortgagenewbee

BitterAndTwisted wrote: »

Yes, you should go on the electoral role for where you are living now. Have you sorted out the council tax liability for the rented property? Do you have your lender's permission to let? Have you joined a landlords association? Do you have the correct buildings insurance in place? Are you aware of your tax position in relation to being a landlord? You might find that when you come to trying to remortgage you may only be able to get a buy-to-let one which usually attracts a higher interest rate than a residential one

Thanks for replying. I will get the electoral roll changed asap. I have not sorted out the council tax liability yet, will do this tomorrow.

The property is mortgage free . Insurance was changed over yesterday, looking to get extra insurance from homeserve.com, is this a good idea? Yes, at the end of the year I will fill in the self-assessment form - hurts when you have to pay 40% tax, that's why I want to remortgage at the end of the year so I can offset the interest.