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Releasing Capital from Rental Property
redskylife
Posts: 6 Forumite
Hi,
I am a stay at home mum (6 month old). I am lucky enough to own a small property outright that I rent out. I would like to release some of the capital that is tied up in this property and thought a buy to let mortgage would work. Im reluctant to sell it as there will be capital gains tax to pay. However, I have read that you need to be earning over 20,000 odd to get a buy to let mortgage. Obviously as a stay at home mum I don't. My partner earns 50,000 though. We are due to get married in the summer so my question is this.. Can I transfer half of the value of the property (Half would be around 90k) to him and then apply jointly for a buy to let mortgage? Do we have to be married in order to do this? Are there any tax implications for doing it now rather than when we are married?
Secondly, my partner had a heart attack when he was younger (in his 30's) but is in full health and I was diagnosed with cancer but am fine now. Will this prohibit us from getting a mortgage?
Any advice on where to start with this is very welcome.
Thanks
I am a stay at home mum (6 month old). I am lucky enough to own a small property outright that I rent out. I would like to release some of the capital that is tied up in this property and thought a buy to let mortgage would work. Im reluctant to sell it as there will be capital gains tax to pay. However, I have read that you need to be earning over 20,000 odd to get a buy to let mortgage. Obviously as a stay at home mum I don't. My partner earns 50,000 though. We are due to get married in the summer so my question is this.. Can I transfer half of the value of the property (Half would be around 90k) to him and then apply jointly for a buy to let mortgage? Do we have to be married in order to do this? Are there any tax implications for doing it now rather than when we are married?
Secondly, my partner had a heart attack when he was younger (in his 30's) but is in full health and I was diagnosed with cancer but am fine now. Will this prohibit us from getting a mortgage?
Any advice on where to start with this is very welcome.
Thanks
0
Comments
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I'll leave the main questions to those more knowledgeable, but don't worry on the last bit. Mortgage applications don't check your health.0
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