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Buy to Let Mortgage


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I own my own property and it has been on the market some time now. I plan to move in with my soon to be husband who has his own property. As the market is slowing at the moment we are considering renting my property out.

Do I need to change my mortgage to a but to let mortgage?

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For tax purposes, remember that when you get married you can only have one PPR. Make sure you document time you have each lived at each property and ensure you maximise your reliefs. You will also be entitled to some lettings relief if you subsequently rent one of the properties, and that you should look at the ownership between you before any sale to maximise all reliefs and allowances available to you.

If you rent the property you will also be required to prepare a tax return. If one of you is higher rate and the other is not the you may wish to consider the profit split between you - for example a relatively small capital gift could split profits 50:50

There may also be potential to maximise loan interest relief on the property you are renting out, by either re-structuring current finances, or extracting further capital

Should you require any specific advice, please feel free to contact me.



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