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rent my house with no mortgage left to pay
bettyboo2
Posts: 11 Forumite
hi can anyone please tell can i rent my house out i have no mortgage left to pay .then get another mortgage to buy another house ta
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Comments
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Since mortgage interest is tax deductable, remortgage the current place up to as high LTV as possible then buy the new place for cash.0
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yes,
You could get a buy to let on your existing property - using your equity as a deposit.
Or a homebuyers mortgage for your new property.0 -
hi can anyone please tell can i rent my house out YES i have no mortgage left to pay so you have no lender to ask permission.then get another mortgage to buy another house as long as you pass the lenders critrea then yesta
as stated above it is more viable to have the mortgage / loan so that you can claim the interest from the rental property.
But before you worry about how to manage the loan interest I'd worry about getting a business plan together for the business you are about to run. Renting a house means you are a landlord and there are rules you need to know about, also SA tax forms to complete.0
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