MichaelDonal
Registered User
- Messages
- 20
...And if you inform the mortgage company that you will be renting out the house, they are likely to change your mortgage to a buy to let mortgage which is more expensive.
What the banks are doing, I don't know - I've no mortgage and I am in rented accommodation.Am I not right in thinking that while technically this can be the case; banks are not doing it at the moment but instead are reserving the right to do it? This also depends on the wording of your mortgage.
Just by way of a quick update, I'm learning all this now with the aim of possibly renting in the future so this is the painful, education part you're witnessing!
If I do rent it'll be legit, through the PRTB and legal. I'll also have read up on the suggested documents before doing anything. At the moment it's in the theory stage and I hadn't really considered the whole tax aspect of covering the mortgage.
As Facetious says, it's obvious that I would be taxed on it as income, it just somehow seems unfair if it's barely covering the mortgage. And I'm sure if I tell the taxman that it's not fair that he charge me, he'll let me off.
Thanks for the correction, oldnick.I'm assuming OP can't sell the property because he is NE and because he won't be paying rent elsewhere (staying with family, partner, going abroad).
If Op can sell or is considering paying rent elsewhere then Facetious is right -it's hardly worth it financially, and less emotionally.
(NPPR has now gone and he'd pay property tax anyway, but ,still hardly worth it).
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