Hi all,
A friend is looking to buy a property for around £500,000.
He is on a 50k salary. He has 150k saving to cover 25% deposit and rest for stamp duty and fees.
Now for the remainder 350k his salary isn’t enough to get that much out from the bank. The only way he can is if he buys a property as a buy to let instead of residential.
Now my question is if he purchases a buy to let house will he be expected to pay tax by inland revenue? There won’t be a rental income as he will be living in it.
Is there a way around this?
Thanks
A friend is looking to buy a property for around £500,000.
He is on a 50k salary. He has 150k saving to cover 25% deposit and rest for stamp duty and fees.
Now for the remainder 350k his salary isn’t enough to get that much out from the bank. The only way he can is if he buys a property as a buy to let instead of residential.
Now my question is if he purchases a buy to let house will he be expected to pay tax by inland revenue? There won’t be a rental income as he will be living in it.
Is there a way around this?
Thanks