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Have a buy to let mortgage which my son wants to buy
john3012
Posts: 2 Newbie
hello there in a bit of a situation at the moment.
i have a buy to let property say the house house is worth £160000. My sons wants to buy the property and didnt know whether i could let him have it for what my mortgage is worth say £100000.I would do this for him because as you know first buyers are struggling with big deposits and so i thought this might help him get on the ladder as his income is only around 27k .So im putting this forward to find out whether i would still get hit for capital gains or stamp duty etc.Thanks for any help on this
i have a buy to let property say the house house is worth £160000. My sons wants to buy the property and didnt know whether i could let him have it for what my mortgage is worth say £100000.I would do this for him because as you know first buyers are struggling with big deposits and so i thought this might help him get on the ladder as his income is only around 27k .So im putting this forward to find out whether i would still get hit for capital gains or stamp duty etc.Thanks for any help on this
0
Comments
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Yes you can sell John. Yes he can buy without cash.
You can expect CGT assuming there has been growth in the value and you exceed your CGT limit. (one for your Accountant)
He needs to pay the SDLT.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
thanks for this i guess i better get on to my mortgage advisor0
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I'm on less than 27k a year and I have managed to save for a deposit.
Young people these days seem to want to buy a house AND have all the luxaries they are used to.0
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