We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying with my partner
SSG194
Posts: 1 Newbie
Hi,
I'm a homeowner and currently live with my partner. We would like to buy a home together. I am a homeowner and she is a first time buyer. An overview of the situation.
My home is worth 600k and my mortgage is c.325k. I will rent the house out for 2,200 per month. We both have 35k for a deposit and will look to borrow c.280k to buy a place for c.350k. I understand that I will need to convert to a buy to let mortgage and pay tax on any net income from renting. Questions:
1) how will hmrc calculate stamp duty on the new property on the basis she is a first time buyer and I'm a property owner - is she better to buy this and then gift me half after the event or is that tax evasion;
2) am I better borrowing more against my existing property (and put this towards my new property) to maximise the interest on that to shelter me from tax on my rental income;
if there are any other glaringly obvious points/issues, please do let me know
SSG
I'm a homeowner and currently live with my partner. We would like to buy a home together. I am a homeowner and she is a first time buyer. An overview of the situation.
My home is worth 600k and my mortgage is c.325k. I will rent the house out for 2,200 per month. We both have 35k for a deposit and will look to borrow c.280k to buy a place for c.350k. I understand that I will need to convert to a buy to let mortgage and pay tax on any net income from renting. Questions:
1) how will hmrc calculate stamp duty on the new property on the basis she is a first time buyer and I'm a property owner - is she better to buy this and then gift me half after the event or is that tax evasion;
2) am I better borrowing more against my existing property (and put this towards my new property) to maximise the interest on that to shelter me from tax on my rental income;
if there are any other glaringly obvious points/issues, please do let me know
SSG
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards