Guest
|
I am in the military and I am serving too far away to live in my own home so I have rented it out - I lived in it for 5 years before renting it out. For that I had to change to a buy to let mortgage. I want to sell that house and buy a house in the town that I will settle in after leaving the military. I don't want the trouble of having letting agents and tenants so my Father will live in the house and pay just enough rent to cover the mortgage interest.
Will I have to have a buy to let mortage or can I go for a standard repayment mortgage? problem with buy to let is I will not get enough rent - I will effectively be subsidisng my Father.
|
| Posted: 28 Oct 2011 12:36 Back to top |
Amanda
Posts:27
|
Hi, thanks for your property question.
Firstly we would recommend you consult a Property Tax Specialist as there may be tax implications for both yourself and your father. It might be worth trying our contact - Richard Grayson of Nicholsons http://www.nicholsonsca.co.uk/Index.aspx who should be able to advise you accordingly.
Secondly, we believe that you should be able to go with a standard repayment mortgage but this may be dependent on a number of factors. As we are not qualified/registered with the FSA we are unable to give specific financial advice on mortgages and would recommend you seek independent advice from a Mortgage Broker.
A broker who has helped us in the past with these kind of queries is - Andrew Montlake of Coreco http://www.corecogroup.co.uk/index.html
We hope this helps.
|
| Posted: 08 Nov 2011 12:22 Back to top |