Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Both my self and my girlfriend own a property each, both with mortgage ratios of 90% LTV. We have both lived in our properties for a year and now plan to rent one property and live in the other, whilst saving for another deposit for another house. Ultimately we want to end up in a situation where we are Renting out our two current properties and living in the third. This should take about 18months.
After a bit of research I have found that for a more permanent measure we may need to transfer to a buy to let mortgage, will this be possible with a 90% LTV ratio or should we stick with a consent to let for the time being?
This brings me onto my second question. Again after some research on this site I have read that it may only be possible to claim mortgage interest as an expense if the borrowed money was used to fund our property portfolio. Does this mean I cannot claim interest as an expense against rental income whilst using a consent to let?
Your help will be much appreciated.
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