I am looking to obtain a consent to lease from my mortgage broker Halifax but they are asking me to go onto a new rate that will increase my monthly repayments by £100 and mean that I will lose money by renting out my flat - any ideas round this? Also by going on the new rate will this affect my capital gains tax allowances when I come to sell?
A bit of background for you - I own my own flat but want to move out and rent with my boyfriend in a different part of London and we will be renting not buying to see if we like it.
I am on the Halifax standard variable rate of 3.99% as my first fixed term mortgage ended and i have not agreed to another one as yet as I didn't know what would be the best with the change in my circumstances.
So I have the option to have another 2 year residential mortgage at 3.24% do you think if i agree to this they would be more likely to give me a consent to let or will it make no difference.
Will not going to to buy another property make a difference - I am sure i mentioned it when speaking to them but someone told me that maybe i should hammer it home a bit as i will still only own one home.
The other option (I want to do it all by the book btw) is to change my mortagage to a buy to let with Natwest which will decrease my payments to what i am on now but there is the issue of the capital gains tax in the future.
Hope that is all the info, so basically I don't want to make money out of renting but I don't want to make a loss and don't want to pay capital gains tax when i sell and not really sure what way to turn - any help / advice gratefully recieved.
Regards,
Louisa
A bit of background for you - I own my own flat but want to move out and rent with my boyfriend in a different part of London and we will be renting not buying to see if we like it.
I am on the Halifax standard variable rate of 3.99% as my first fixed term mortgage ended and i have not agreed to another one as yet as I didn't know what would be the best with the change in my circumstances.
So I have the option to have another 2 year residential mortgage at 3.24% do you think if i agree to this they would be more likely to give me a consent to let or will it make no difference.
Will not going to to buy another property make a difference - I am sure i mentioned it when speaking to them but someone told me that maybe i should hammer it home a bit as i will still only own one home.
The other option (I want to do it all by the book btw) is to change my mortagage to a buy to let with Natwest which will decrease my payments to what i am on now but there is the issue of the capital gains tax in the future.
Hope that is all the info, so basically I don't want to make money out of renting but I don't want to make a loss and don't want to pay capital gains tax when i sell and not really sure what way to turn - any help / advice gratefully recieved.
Regards,
Louisa