Transferring BTL house to spouse?

movilogo

I am buying a house for letting. I shall be taking mortgage from bank.

I am higher rate tax payer while my wife is in basic rate.

After buying can I transfer say 90% of ownership to my wife so that I shall pay tax only on 10% of rental income?

Or bank won't allow me to do so?

gettingtheresometime

This sounds like a non starter to me.

Pixie5740

Are you getting a joint BTL mortgage with your wife? If so you can split it 99:1. If not then I don't think the lender will allow you to transfer ownership to someone who is not named on the mortgage.

Browntoa

Mortgage would need to be in wife's name

Lloyd90

If you've not bought it yet why doesn't your wife buy it?

Buy to let should be based off the rental income not your wife's income.

anselld

So long as you are both party to the mortgage, you can set ownership as TIC in whatever percentages you want at the point of Completion. Just tell you solicitor what you want.

movilogo

Thanks - looks like a non-viable option then!

My wife is slightly below min income requirement to qualify of her own with most banks.

Looks like best to buy as joined ownership then and then transfer.

G_M

Buy from th start as Tenants in Common, with wife owning 90% (or whatever).

Ideally a Deed secifying the shares - solicitor will sort.

Joint ownerhip and joint mortgage from the start, so both incomes taken into account by mortgage lender.

Sorted.

dimbo61

Have you read what GM and anselld have written ?
This is simple to do with your solicitor.
Tenants in Common with you owning say 5 or 10% and your wife owning 95 or 90%