Hey guys, some advice please.
Need to rent out our flat in London and move in with family to look after mother, also doubles up as helping to save more money etc. We will only own this 1 property, it is also a shared ownership scheme, where we own a percentage of it. We are planning on 'stair casing' to 100% ownership with our current mortgage provider and then getting 'consent to let' for a few years.
Ideally we would like to use the rental income to pay off mortgage, and whilst looking after mother save money to buy a house to live in, keeping the flat as a rental income.
Could anyone advise on any problems or implications with this (Tax, income or otherwise) as I know rules have changed for BTL etc. But we will only own this one property, so how does that work? Does it come under your personal tax allowance? And if so, can it be under just one of ours? i.e. the lowest earner...
Also our lender (Nationwide) will keep it as residential mortgage but add 1% interest on top (I think).
How does it work when buying another property (whenever that is, although at least 3 years away)? i.e. stamp duty, tax etc
Any advice from those with experience is much appreciated,
Thanks
Anyone