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advice on purchase of my first BLT please

Alan B

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I am hoping to purchase my first and only BLT and need advice on nominating it as primary residence,

my situation is I have a very cheap small residence i rent and live at.

and hope to buy a larger 3 bed to let out for income in retirement ,can i nomiate this as my main residence ?

is there any time limits ,as i hope to do this for at least 10-15 years if i dont pop my clogs.

Is this  the best option do you think any advice would be greatly appreciated .Kind regards Alan

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Well you don't want to be buying a BLT to let out cos that's a bacon, lettuce & tomato and nobody is gonna pay very much for a sandwich. 😀😀

On a more serious note: 

* You might struggle to raise a mortgage for a rental property if you don't already own your own home. If you do find a lender, they are going to be thin on the ground and might want special t & c's.

* If you do manage to buy a property to let and it's the only property you own I don't see why you need to nominate it.

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Mortgage companies are not keen to grant a BTL loan to some one if they dont own their own residence because they will likely think you cannot afford a mortgage for the BLT property if it was for your own personal residence so will think you may be trying to get a BTL loan then move in yourself.  

You may have more luck by buying the property in the name of Limited company and  getting a suitable BTL mortgage that way but there are pros and cons with that. ie higher interest rates and possibly(?) better tax liability to name 2.  

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  Thankyou for your response , just clarify it was a BTL not a sandwich I was thinking of.

I dont need a mortgage as im selling a home that wasnt suitable to let.

my concern was Capital gains tax bill if i sold the BTL, in say 10 years .

so if its the  only property i actually own ,even though i never lived there and live in a small rental myself

I dont need to nominate it as primary residence ?

would there be any point in buying it through a company ? [i dont, as yet own a company]

I like the  mercedes motorhome Grandpa did you construct it yourself? it looks like two tourers grafted on a 408

  kind regards Alan


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I think you will still be liable for CGT on your BTL because it's an investment property.

Your situation is very unusual, there are very few people who rent somewhere to live and buy somewhere to let at the same time. You cannot nominate it as your PPR (principle private residence) because you don't & won't reside there.

My advice would be to seek out formal tax advice from an accountant.

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