OMG - Wanting to MF but now also getting a BTL mortgage!!

summerday

It sounds like you have thought things through pretty well, very sensible to draw up a tenancy agreement. hope all goes well.

We keep a basic Excel spreadsheet with all the tax offsetable costs such as getting gas safety certificates, repairs/maintenance costs, insurance policy etc as well as the interest part of rental income. It makes it a bit easier when it comes to the highlight activity of my year, filling in the online self assessment tax form . If you haven't already, you just need to ring the tax office to let them know you are letting out a property and they will then send you reminders about completing the forms each year.

We joined the NLA Landlords association, again it's worth doing as tax allowable cost and they provide advice etc. It was through them that we found out about Simply Business and we went through them to get our Buildings insurance for the BTL house, with Zurich, and it was the cheapest quote by far. I'm not affiliated to any of these companies BTW.

craftingmad

Brilliant advice, thanks summerday. Will make it my first job tomorrow to contact them and also set up a spreadsheet. xx