Alan B Posted September 12, 2021 Report Share Posted September 12, 2021 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 Quote Link to comment Share on other sites More sharing options...
Richlist Posted September 12, 2021 Report Share Posted September 12, 2021 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. Quote Link to comment Share on other sites More sharing options...
Grampa Posted September 12, 2021 Report Share Posted September 12, 2021 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. Quote Link to comment Share on other sites More sharing options...
Alan B Posted September 13, 2021 Author Report Share Posted September 13, 2021 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 Quote Link to comment Share on other sites More sharing options...
Richlist Posted September 13, 2021 Report Share Posted September 13, 2021 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. Quote Link to comment Share on other sites More sharing options...
Ricky Posted September 24, 2021 Report Share Posted September 24, 2021 As a specialist broker, we are comfortable if your first property is a BTL, it's just the high street that are not. Quote Link to comment Share on other sites More sharing options...
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