22:08 PM, 9th March 2015, About 8 years ago 15
I am hoping someone can explain this better.
I am married, own my own home that my family resides in and own a 2nd home on a buy to let mortgage that is rented out.
I would now like to purchase a 3rd property that will be another buy to let investment.
As my wife is a lower earner than me, it makes sense for her to be the owner to reduce rental income tax liability. However, my broker has said she won’t get a mortgage because she isn’t a home owner.
Now, whilst my wife isn’t a home owner (I am the sole owner of our residential home, I bought it before we were married), in my eyes my broker is saying my wife can never become a buy to let investor!
Is this really the case? I realise I could sign over part of the residential home to her, but this would only complicate our existing mortgage and incur legal fees. Surely this is not necessary?
Will anyone care to comment or offer advice please?