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Does person a need to be in on it for mortgage finance reasons and do they need to be on the title deeds?
That said it’s unlikely you can gain the various FTBer incentives when applying for a btl mortgage
Obvs. all rental income gets declared and goes on tax return, can be split across person a and b depending on how the ownership of the property is put together.
Howard-
Yes for mortgage finance reasons. Not necessary to be on title deeds - will that make a difference?
I think the mortgage market may have changed as I was told there is some where it didn’t affect ftb incentives.
The only way round is declaring it as a home then renting but you’ll need to inform the mortgage company and very unlikely they would like that. I know on my current mortgage that was what was hinted.
Obvs if they buy something now they won’t be affected by stamp duty but still
musa
I have a query so wondering if anyone has been in this situation before.
Person B looking at getting a property and rent out. B2L quite possibly and will be classed as a FTB
They’re looking to do with Person A (relative) who is a homeowner
Is there anything they need to also take into consideration? From what I’ve read this will be a second home for person A(?)
The rental income will need to be declared and tax paid on it via SAR(?)