UK Landlord Forum / Life

Hi

Please can anyone advise me which is the best way to mortgage a house I am buying .. I am not sure if I am better to remortgage my home and buy the rental property outright, or buy the rental one with a buy to let mortgage.

Someone has advised me I can claim for my expenses and I only pay income tax on profit but I don't understand what "profit" is exactly.

Any information, guidance or pointers to where I can find this information would be great.

Thanks

Profit = Income - allowable expenses.  Mortgage interest is an allowable expense.

Are you ready to be a landlord?
Why do you want to do it, it is not easy money.
Before you become one, join ARLA or one of the other associations and do some distance learning.  This is an allowable expense aswell.

Hi
it is really important to speak to a good financial advisor/mortgage advisor to begin with.
My daughter bought her first buy to let a couple of years ago and and is just buying her second one now. She had a fantastic advisor who helped her through it.
keep a spreadsheet of everything you spend on the property, including solicitors fees and DIY stuff,mortgage payments etc and you can submit these expenses so you do not need to pay tax on all your rental income.

You can't 1 post with a named recommendation and a phone number - that's not forum etiquette.