Any experience of "let to buy" mortgages?

josie

Hi

Was wondering if anyone on here has done this or knows of any good deals?

We tried to sell our house a couple of years ago without success and we'd been thinking about getting a buy to let at some point, probably after we'd moved. We've now been suggested this route, which would obviously save us selling our current house, as that's the one we'd be letting out and we'd be in a great position to buy with no chain, as well.

I wanted to ask as well, if anyone knows whether you get tax relief on the mortgage interest payments like you do with buy to let?

TIA

somethingcorporate

josie wrote: »

I wanted to ask as well, if anyone knows whether you get tax relief on the mortgage interest payments like you do with buy to let?

TIA

You don't get tax relief, you can only offset the interest expenses against the rental income.

You won't have any "income" on your residential mortgage.

luckyfool

eh, they are talking about renting out their current main residence, and as such will be able to offset the interest payments on that mortgage against the rental income received.

josie

Thanks, yes that's what I meant. Classing the interest payments as a cost, so not quite "tax relief" I guess but off-setting the income with these costs. I know you can do it with buy to let, but wasn't sure if you could do it with let to buy as well, but sounds like we can.

Thanks for your help.