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Buying second home for family member
Sb2008
Posts: 2 Newbie
My brother has recently separated from his partner and is looking to start renting a property. He is still on the mortgage for their old home so can't look into buying again for the time being. My husband and I have a mortgage on our own property but wondered if we were to look into getting a second mortgage for a flat could we let him live in it and pay the mortgage payment to us each month? We have 40k savings available as a deposit to purchase another place so would be investing that in a way as hopefully in a few years time my brother would be in a position to buy us out.
Seems straightforward but I'm wondering do we have to buy it as a buy to let or anything else I'm missing?
Any advice appreciated, thanks!
Seems straightforward but I'm wondering do we have to buy it as a buy to let or anything else I'm missing?
Any advice appreciated, thanks!
0
Comments
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1) you'd be landlords, subject to many laws and rules
2) You'd be accepting rent on which income tax would be payable
3) you'd be buying a 2nd property, so liable for Additonal SDLT
4) if/when you sold, you'd be liable for Capital Gains Tax as it's not your main residence
See
* New landlords: advice, information & links0 -
Thanks, had a feeling it wouldn't be straightforward!0
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