We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
BTL mortgage or remortgage existing house
Comments
-
I think that there may be another option and that is to go for an ordinary residential mortgage (it wouldn't be a second mortgage for us as we already own our own property outright).
http://www.moneywise.co.uk/home-mortgage/mortgages/second-mortgage-worthwhile-investment]0 -
I think that there may be another option and that is to go for an ordinary residential mortgage (it wouldn't be a second mortgage for us as we already own our own property outright).
http://www.moneywise.co.uk/home-mortgage/mortgages/second-mortgage-worthwhile-investment
Seems that this might be a more flexible option rather than the BTL option.
Significantly less flexible than mortgaging your own residence and paying cash.
It is unclear if those offering such a second mortgage would consider you when you don't have a "first" mortgage.
It is unclear if the second mortgage would be tax deductible since HMRC would argue you have not commenced a letting business.
You appear to be disallowed from having a written tenancy agreement. Letting to family is potentially bad enough without being disallowed from doing it properly!
Seems a bad idea all round when you already have the luxury of a straightforward solution.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards