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Stamp duty - buy-to-let but only property
Jas77
Posts: 1 Newbie
Hello,
I wonder if someone can help me. I'm exploring buying a property to rent out short term and then eventually move in to it myself. It would be my only property and wanted to know if the stamp duty I'd have to pay would be the general rate for buying a house because it's my only home or the buy-to-let rate because I'll be initially renting it out?
Many thanks in advance!
I wonder if someone can help me. I'm exploring buying a property to rent out short term and then eventually move in to it myself. It would be my only property and wanted to know if the stamp duty I'd have to pay would be the general rate for buying a house because it's my only home or the buy-to-let rate because I'll be initially renting it out?
Many thanks in advance!
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Comments
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Stamp duty does not have a buy to let rate
I am not a cat (But my friend is)1 -
Though if it's your first property, note the ftb concession won't apply as you're not buying it as your own residence.1
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May make more sense to buy it to live in for a few months and then let it out. That way you would not have to pay the extra stamp duty.
Also, it can be difficult to get a BTL mortgage when you don't already own a property as lenders are concerned you are using the BTL status to by pass the income required for a residential mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
So you can't get a BTL mortgage and then move into the property as its against the terms and conditions of your BTL mortgage.
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