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buying house / tax
Beatrice78
Posts: 17 Forumite
Hi
i am looking at buying a property, on BTL or consent to let, i have been told by a mortage advisor that as I dont currently own a property (I live in accomodation provided by work) I will be able to get a residental mortgage with consent to let, as I plan on moving into the property myself in a year or so. This is making me a bit nervous as I need to rent out the property until I am able to live there so if this was refused consent to let i would be in difficulties.
Also as it will be my only property will I be liable to pay tax on the rental income that is over the interest only part of the mortgage?
Many thanks in advance
i am looking at buying a property, on BTL or consent to let, i have been told by a mortage advisor that as I dont currently own a property (I live in accomodation provided by work) I will be able to get a residental mortgage with consent to let, as I plan on moving into the property myself in a year or so. This is making me a bit nervous as I need to rent out the property until I am able to live there so if this was refused consent to let i would be in difficulties.
Also as it will be my only property will I be liable to pay tax on the rental income that is over the interest only part of the mortgage?
Many thanks in advance
0
Comments
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yes you have to pay tax
the fact you own only 1 property is irrelevant, you are not living there as a resident landlord, and they are not lodgers, therefore you are NOT allowed any tax free income amount
you do seem to have a grasp of the eligible costs however, interest element only etc...
i trust you appreciate that you must meet the full legal obligations of a LL - safety certificates, deposit protection etc etc0
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