I'm sure you all already know this but I saw this article and thought Id post it for any new 'accidental landlords' as a reminder.
New landlords should understand that if they let out a property to tenants it cannot be on a standard residential mortgage without first notifying the lender of the change of circumstances, as the lender bases the contract on 'owner occupation'.
Neither can it be without specialist landlord insurance for the property to be covered.
Plus you may not be exempt from capital gains tax.
Read the warnings in This is Money
Love to all landlords - accidental or not.
Darling Margo
No comments:
Post a Comment