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Buy to let or not?
Rygar
Posts: 30 Forumite
I own my flat outright (in Scotland). If I decide to rent it out then take out a mortgage for a new property where I would live, would the mortgage have to be buy to let or a normal residential mortgage? Also would there be any extra stamp duty payable in this scenario or not?
0
Comments
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Residential and extra SDLT or whatever it's called in Scotland.0
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You would pay an Additional Dwelling Supplement under the Land and Buildings Transaction Tax. It is 3% of the property price so it is fairly hefty
https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/worked-examples-additional-00 -
Before embarking upon this venture are you aware of all the legal obligations that a landlord in Scotland has? More is required of a landlord in Scotland than their counterparts in the rest of the UK. Are you aware of the Private Housing (Tenancies) (Scotland) bill?0
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