Renting

anselld

tripled said:

You will get taxed on the income. Some expenses may be claimed back, although mortgage interest isn't one of them. You may also become liable for capital gains when you sell the property. You will need to get consent to let from your mortgage company, and will have a number of other expenses such as landlord's gas safety certificate and electrical safety check, and will have a various legal obligations, and risks, as a landlord.

Mortgage interest is not deducted as an expense but it is still deducted at basic rate as a tax credit so for basic rate tax payers this is exactly the same as an allowable expense.  It is misleading to say it is not allowable.

dimbo61

You need to look at the big picture !
Why not sell your home and use the equity in your home to put down a bigger deposit on your new home ?
Do you really want to be a Landlord ?
Will your friend be a good tenant ? Working ? Reliable ? Good credit history ?
You have a legal responsibility to get the whole renting out a property Right or it could cost you very dearly.
Right to Rent checks, How to Rent, GSC, EICR, PAT testing, deposit, PI and deposit information within 30 days.
Fit for Habitation
Decent homes standard
Fire safety
EPC
Never mind the Laws, Rules and Regulations both Government and Local Council on housing.
Then we can talk about TAX and of course you have to declare this Income.
Will you get a BTL mortgage?
Can you afford to buy another property while still owning your existing home.
One for a mortgage broker.

propertyrental

Have you read (plus all the links)?

Post 7: New landlords (1):advice & information :see links in next post

Post 8: New landlords (2): Essential links for further information

grumiofoundation

scott0810 said:

Hi I’m looking to rent my house to my friend until the end of my mortgage deal ( will be swapping to buy to let)  Looking to charge same amount as my mortgage. Question is will I have to pay tax etc on this as I won’t be making any money. 

Presumably you have obtained consent to let?

Yes will have to complete tax return and as above pay tax if making a profit (which includes paying off mortgage repayments)

Not being harsh but if you are asking such a basic question please make sure you read the links posted and you understand the responsibilities of being a landlord.