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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-
Check to bottom two answers here https://www.moneyadviceservice.org.uk/blog/stamp-duty-for-first-time-buyers-your-questions-answered
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If they're on the deeds you'd be looking at second property stamp duty which is an additional 3%.
However, if they're not on the deeds then some of the mortgage companies will get antsy and you may need to be looking at guarantor mortgages instead and getting one of those as buy to let may be awkward.
To be honest, my gut feeling is that the whole thing doesn't really seem that worth it unless there is an amazing yield.
A buy to let that the buyer can't afford without assistance in what is promising to be a turbulent economic period seems not a great idea.
dt
aggi
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.