Mortgage free - any advice 4 buy2let on low income

hearts

You will get a BTL mortgage of 85% of the property price. You don't have to tell them who you are letting too, they don't ask.
They don't need to know anything about your income. As long as the rent from the property reaches their criteria ( maybe 125% of the mortgage) then they will lend.
This is asuming you have a good credit rating.
If you take out an Interest only mortgage then the interest is tax deductable. So if your mortgage is £1000 and your rent is this or less. You pay no tax. ( there are other deductions)
If you make money and you say you are a low income then 22% ( or is it 20% now?) would go on tax after deductions.
If you had voids these are tax deductable.
The tax would then be CGT on selling and there are good allowances for this also.

Im not an expert so if any mistakes someone will point them out.

krishna

Oops! Meant to click reply but Thanked hearts instead!

Just wanted to add that my understanding is that mortgage interest, whether from an interest only or a repayment mortgage all qualifies for the same tax relief.