What to do with my Buy to Let property now I’m marriedMake Text Bigger
I’ve just got married and I’m wondering if this changes how I should manage my buy to let property.
I own a buy to let property with a mortgage (both solely in my name). The property is worth approximately £350k and the mortgage is £262,500 and 75% LTV – the monthly mortgage payment is about £600 and the rental income is £1425. I currently pay tax at 40%. I have also just got married, my wife is a full time mother looking after our children and has no income.
In order to provide my wife with some financial independence I’m wondering if there are ways I can gift some of the property to her and the associated rental income. This is also attractive for me with the new landlord tax rules on mortgage interest relief that are now here. My wife doesn’t have any other income and also doesn’t have a good credit record as such she is unlikely to get a mortgage on her own and it may also be hard for us to get a joint mortgage.
Reading articles on line I see there are a lot of things to consider including CGT, Stamp Duty and income tax.
What options do I have?
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