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mortgage.
peter_the_piper
Posts: 30,269 Forumite
DD bought a house and had a 5 yr mortgage. During this time she moved abroad for a few years and has rented it out. Now she is due to renew the mortgage would this be called a BTL seeing as she did not buy it explicitly for that purpose and intends to move back in when her work contracts are up. Would it have any insurance implications?
I'd rather be an Optimist and be proved wrong than a Pessimist and be proved right.
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Presumably you mean her current product is ending and she doesn't want to pay the SVR?
If she continues to let, she is unlikely to be offered a new residential product and may have to remortgage to a formal BTL lender/product if she has such options while overseas.
She should have insurance cover based on non-owner occupation already.
Presumably she also has a letting agent deducting tax from the rent before it is passed to her, as should be the case for non-resident landlords?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
OK, newbie here, what is SVR? She does not have a letting agent, she did but they did not deduct tax as she does not pay tax in the UKI. Insurance needs to be sorted as she does not have non owner occupation . Halifax have offered her a BTL mortgage as well as other residential products.I'd rather be an Optimist and be proved wrong than a Pessimist and be proved right.0
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Standard variable rate - what follows the end of a fixed rate.
https://www.gov.uk/guidance/paying-tax-on-rent-to-landlords-abroad
She should have landlord insurance already, as noted.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
peter_the_piper wrote: »OK, newbie here, what is SVR? She does not have a letting agent, she did but they did not deduct tax as she does not pay tax in the UKI. Insurance needs to be sorted as she does not have non owner occupation . Halifax have offered her a BTL mortgage as well as other residential products.
I'm confused, does she or does she not have a letting agent managing the property? If not what address in England or Wales for the serving of notices has she supplied the tensnt(s) with?
Your daughter lets out a property in the UK and that rental income is subject to income tax.
Has your daughter applied for consent to let from Halifax?0 -
No letting agent,
Mine,
Got to check on the tax position with her.
Ditto the consent.I'd rather be an Optimist and be proved wrong than a Pessimist and be proved right.0 -
kingstreet wrote: »Standard variable rate - what follows the end of a fixed rate.
https://www.gov.uk/guidance/paying-tax-on-rent-to-landlords-abroad
She should have landlord insurance already, as noted.
Yes she has landlords insurance, at least she has this right.:rotfl:I'd rather be an Optimist and be proved wrong than a Pessimist and be proved right.0
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