The MSE Buy-to-Let Guide

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  • sjb_2
    sjb_2 Posts: 6
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    When will this guide be published?
  • Maz
    Maz Posts: 1,405
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    sjb_2 wrote: »
    When will this guide be published?

    Never. DYOR
    'The only thing that helps me keep my slender grip on reality is the friendship I have with my collection of singing potatoes'

    Sleepy J.
  • sjb_2
    sjb_2 Posts: 6
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    When are you going to publish this guide????
  • sjb_2
    sjb_2 Posts: 6
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    When are you going to publish this guide????
  • I haven't seen the old guide so please excuse if following content is already present/considered:

    Whenever you do publish the revised guide, can you also include sections on:
    a) Capital gain tax when selling
    b) What are included as tax-deductible expenses
    c) Are leasehold fees and management company fees included as tax-deductible expense
    d) When the property is purchased by a couple who are on different tax bands, how to save money?
    e) Various landlord fees and tips on saving money? Gas safety checks, electrical safety checks
    f) DIY tips instead of getting a letting agent

    Also it will be helpful if you update the placeholder page to say if the guide will be published in 2017 or 2018?
  • Hi there,



    I bought a buy to let property in 2016. The property required work to be carried out to upgraded prior to entry to the market. This I anticipated to take no longer than 6 months. During this time I planned to project manage the upgrade whilst living with a family member some 100 miles away as not to invalidate the terms of the mortgage. However during this time I fell pregnant and so while the works continued I temporarily moved into the property with my partner to remove the need to travel to and from the property. The project however overran and we ultimately moved out in 2017 spending over 12 months in the property.

    I am considering releasing equity from the property however my credit report links both my partner and I to the address of the property though electoral roll and banking records. As mentioned we have now moved out of the property and I have placed tenants. Our current address has since been updated and added to the electoral roll. Both of these changes also appear on my credit report. My concern is that my current lender whom I wish to continue as my mortgage provider may look unfavourably on my request to release the equity I require as I have previously resided at the property. Also I’m worried they will perceive this as mortgage fraud, and call in the mortgage plus there is potential for my credit rating to be affected in the long term. My question then is whether, in the experience of others, is the likelihood of this actually happening given that I now have vacated the premises and can provide proof of tenancy and have been up to date with all payments and have an excellent credit score. As I say I have a preference to keep my current mortgage provider due to favourable rates and the ease of which I could potentially access the equity release. I have implied to the lender that I may consider switching provider as the fixed term on the mortgage shortly runs out. On balance then would you consider their desire to retain a customer higher than any concerns they have to the risk of their asset which may lead them to pursue a case of fraud and a possible impact on my credit rating?



    Thanks
  • silvercar
    silvercar Posts: 46,829
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    I doubt it will be a problem. If it is raised as an issue, then you can show invoices for the work to demonstrate you were preparing the property for letting.

    The reason lenders don't like people living in a property on a BTL mortgage is that used to be the way to obtain a mortgage when your income couldn't justify the amount you needed to borrow on a residential mortgage and BTL mortgages were based on potential rental income.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and 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 [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ade2j
    ade2j Posts: 41
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    Any idea when a new guide might be available?
  • MigsyBigsy
    MigsyBigsy Posts: 188
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    Hello,

    I am thinking of moving in with my girlfriend and would like to let my property. I take it I need to inform the mortgage company?
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