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I recently posted an introduction post and just giving people a bit of info about me. Was curious about BTL but people have advised to look into having lodgers first. I still live at home so would this property have to be my main home or could I get a three bedroom flat/house and rent it out to three unrelated people.
Anyone have any experience with this? I don't really know where to start. Can anyone please give me advice?
Deposit: Around 12,000
Can I only get a property that is x5 my annual salary?
Any help would be much appreciated!
I did answer that enquiry on the other thread.I am only suggesting lodgers because I think that getting the stability of your own residential address is important for a number of reasons, including your own security and the fact that you will find it easier to raise money via BTL finance if you are a home owner.Secondly, you can earn additional income - up to £7,500 tax free - while learning about tenant management.This additional income can be put towards a deposit on a BTL property, so it makes all round good sense for you to take this route into property.If you bought a property on a residential mortgage, it would be against the T & C's to let it out in any format, unless you got "consent to let" from the lender.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I can't help on the finance side, maybe you'll get a better response if you post the question in the mortgages tribe.
As for multi lets, I covered some of the questions a while ago in this thread
And a few bits regarding lodgers here
This one highlights how silly it can get
I am pleased the Paul Barrettt reply advocating tax fraud on HMRC was deleted - shame on you.
I don't advocate tax fraud on the RAR Allowance.
I don't advocate beds in sheds.
I don't advocate accidental LL letting without CTL or having the correct insurance which is impossible without CTL
I don't advocate LL letting to DSS tenants in breach of resi and BTL mortgage conditions
I don't advocate LL not advising insurers they have illegal DSS tenants
I don't advocate not declaring lodger rents in excess of the current tax free allowance
I don't advocate LL breaching the new HMO room size regulations
Hundreds of thousands of supposedly honest LL are engaged daily in fraud, deception and tax evasion.
A few lodger LL not declaring any amount above the RAR A allowance is minuscule compared to the mass LL fraud that currently occurs.
We are talking about PT LL.
I don't engage in any of the above.
Given the relevant circumstances I reckon I would.
So let's get this straight lodger income is not a high priority for HMRC!!