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Renting a house
gaz3106
Posts: 9 Forumite
Can I rent out my house without having a buy to let mortage?
My big concern is renting the property out without consent from the lender. Do we have to pay tax on the retal income? Surely the tax man will tell the mortgage lender we are renting, what happens then?
We have been told my several diffrent sources that a buy to let mortage would be out of the question under our circumstances.
thanx for the help
My big concern is renting the property out without consent from the lender. Do we have to pay tax on the retal income? Surely the tax man will tell the mortgage lender we are renting, what happens then?
We have been told my several diffrent sources that a buy to let mortage would be out of the question under our circumstances.
thanx for the help
0
Comments
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Applying for a residential mortgage with the sole intention of letting the property is fraud, obtaining money by deception. Risks are prison sentnence, criminal record, demand for closure of mortgage from lender.........
Letting a property with a residential mortgage, when you have resided in the property, is a breach of the mortgage terms and conditions. Theoretically the lender could take civil action but it is not a criminal matter.
Mortgage interest would be an allowable expense against rental income, whatever sort of mortgage you have and wherever it is secured. I can't think why the revenue would notify the lender, though a lender could provide details of a mortgage to the revenue.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
ok thats very worring fraud !!
Can any one offer me advice please
@ the moment my job is dependent on me liiving there, hence i would like to rent
my salary is £20,000 for me & my partner & we have £10,000 saved + £3000 for fees
we want to buy a house for arouind 180,000
what can we do
thank for the help
Gary0 -
Contact your lender for consent to let in writing.
Technically, you could pay tax on any profit from the rentals but this will depend on the agreeable expenses with HMRC.
Is that £20,000 each for salaries?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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