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Partner and I are both home owners planning to move in together
waldom
Posts: 2 Newbie
My partner and I are both already homeowners but have decided to move in together at some point in the next 12 months.
Our preferred option is for me to sell my house and move closer to him and for us to live in that house. Whilst he keeps his flat in order to rent it out.
Would he still be taxed on the full amount of rent received for his flat in the same way as if he owned a second property. Or is it different if he’s not on the mortgage for the house I buy and just paying me rent?
Our preferred option is for me to sell my house and move closer to him and for us to live in that house. Whilst he keeps his flat in order to rent it out.
Would he still be taxed on the full amount of rent received for his flat in the same way as if he owned a second property. Or is it different if he’s not on the mortgage for the house I buy and just paying me rent?
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Comments
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My partner and I are both already homeowners but have decided to move in together at some point in the next 12 months.
Our preferred option is for me to sell my house and move closer to him and for us to live in that house. Whilst he keeps his flat in order to rent it out.
Would he still be taxed on the full amount of rent received for his flat in the same way as if he owned a second property. Or is it different if he’s not on the mortgage for the house I buy and just paying me rent?
Does his lender allow him to rent out the property?
Income is income and is subject to the same new money rules.0 -
My partner and I are both already homeowners but have decided to move in together at some point in the next 12 months.
Our preferred option is for me to sell my house and move closer to him and for us to live in that house. Whilst he keeps his flat in order to rent it out.
Would he still be taxed on the full amount of rent received for his flat in the same way as if he owned a second property. Or is it different if he’s not on the mortgage for the house I buy and just paying me rent?
Yes he will have to declare the income by completing a tax return and will be subject to normal tax on it.
He will need to check with his lender that he can get consent to let his property out.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.0
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