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BTL Ownership
simon2513
Posts: 12 Forumite
My wife and I got married last month and are purchasing a house together. Her house we are going to keep and rent out, her mortgage is up for renewal on 31.12.15. Should we just keep it in her name as she earns less than me, or do we have to change the ownership to joint if the BTL is in joint names?
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Comments
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If the word "mortgage" should be submitted where marked, yes you will need to do a transfer of equity into joint names at the same time, cost about £600.My wife and I got married last month and are purchasing a house together. Her house we are going to keep and rent out, her mortgage is up for renewal on 31.12.15. Should we just keep it in her name as she earns less than me, or do we have to change the ownership to joint if the BTL mortgage is in joint names?
However, I seem to remember you aren't actually remortgaging, you are asking the lender for a customer retention product. Please clarify.
What most people do is keep the BTL property and mortgage in the name of the lowest earner alone, so any surplus profit is taxed at the lowest possible rate.
You should seek professional mortgage and tax advice before embarking on any proposition with which you are not fully conversant. This may involve a cost.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If the house is only in her name, why would you want to be on the mortgage?
I think that for simplicity
- who the house is owned by
- who takes the income
- whose name the mortgage is in
Should all be the same.0 -
Have to be the same, in most cases I can think of mgarl...mgarl10024 wrote: »If the house is only in her name, why would you want to be on the mortgage?
I think that for simplicity
- who the house is owned by
- who takes the income
- whose name the mortgage is in
Should all be the same.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Joint ownership and joint mortgage etc, might have tax advantages, depending on your respective incomes.0
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Thanks, her income is £21000, and the BTL mortgage £93000, repayments will be £460, rental income circa £675. Will they lend to her that much based on her salary, or is it more to do with rental income0
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