buy to let mortgages

All sounds good but remember you have to declare the additional income which is taxable on top of your current salary

[dizzyblonde]

Aye.....capital gains.

[yorkie_chris]

Capital gains is if/when you sell it, the rental income would have to be declared through self assessment every year.

If you haven't been able to sort anything then give me a shout.

I work at a estate agents and have an excellent mortgage advisor that does a hell of a lot of buy to let mortgages.

Rates are very good with buy to lets as you are putting more of a deposit down. You will need at least 25% deposit though of the purchase price so bear this in mind.

Rental can be a pain in the **** at times, you can do as many checks as possible on a tenant but it doesn't always mean it will go smoothly. The best way is to check as much as possible with previous landlords, work references, character references, visit them if you can where they currently live and see how they are keeping the current property.

Let me know...

My advice Shell would be to treat it as a business venture and be ruthless. Insist on a 2 month rent deposit, if the prospective tenant hasn't got it then too bad, someone else will. Make sure you serve your section 8 and 21 notices at the same time as completing the tenancy, it's perfectly lawful. And at the first sign of trouble, don't give an inch.

I say this from experience of acting for landlords - the rent many months in arrear, the house trashed. And client would always say 'if only I'd done something before....'

The world is full of 'if onlies'.

Incidentally self help remedies are illegal. You can end up in prison. Plus this is one of the few cases where a tenant can get exemplary damages. Don't do it.

one of my work mates has a student house and says it's a money spinner but he had a student who basically locked herself in her room with a fire proof door and had to replaster the room after a week but it's the only problem he's had in a few years of it and he also paid his own house off at the time and used the capital in his house to buy the student let which is now with his wage paying of his current house. He did say the red tape of Buy to Let was putting him off.

Has anyone rented out their property whilst the mortgage company thought they were still living there?

I still have over a year to go on my fixed mortgage but wish to move in with the girlfriend into her place. Am I right in thinking I have to change it to a buy-to-let mortgage? Or is this just for second mortgages?

[Shellywoozle]

Cheers for all ya help guys...... I am lookin at the property at mo and have some concerns. They renovated but seems they didn't bother doing the damp course.

It is a 1930 house that has never had heating system in nor double glazed units. My house adjoining was better looked after and every wall had damp so that was my first job.

The lower floor lebel bricks they have buried under a gravel drive are broken away..... I think they made a boo boo there. If it needs doin the newly plastered rooms will be stripped to waste height ha ha.

All houses on est have had it done but not this one. Mmmm reviewin my idea of buying it now. Can't be bothered with a lower offer and doin work, been there done that.

Blast

I rent mine out to friends who look after it, all done legally mind, got permission off the mortgage lender (which is usually £100 per year, but free for me ). Make sure all your contracts are legal and your inventory is done by a "qualified" person as if anything goes to court its likely it will be thrown out if you did it. Get landlords insurance too. My mate rents a few of his houses out so I got all the legal stuff from him, otherwise get it managed by a letting agent who will sort everything out for you for around 8%-15% of the monthly rent with a "new tennent/advertising" fee of around £300-£400.

To get a buy to let you will attract higher interest rates and a deposit of at least 25% is required.

Originally Posted by Stenno

Has anyone rented out their property whilst the mortgage company thought they were still living there?

I still have over a year to go on my fixed mortgage but wish to move in with the girlfriend into her place. Am I right in thinking I have to change it to a buy-to-let mortgage? Or is this just for second mortgages?

phone your mortgage company and ask them