11:54 AM, 12th December 2016, About 5 years ago 1
Having buried my head in the sand so far about the whole situation (I have 17 properties), I am now beginning to get my head around the fact that this is actually going to happen.
Dark days indeed.
The thing that troubles me more than anything about this is the Government’s justification by stating that tax relief on mortgage payments for landlords with BTL mortgages is unfair on private property owners who also pay mortgages but do not receive tax relief.
It states very very clearly on my mortgage contract that I am not allowed to live in the property myself. In fact I’ve recently re-mortgaged a property that I did originally buy to live in and was made to jump through absolute hoops to prove that I no longer lived there and had no intention of moving back there. The mortgage company did all sorts of checks and even challenged me on a three year old mobile phone account of my son’s that he’d never cancelled as proof I may be living in the place. I am also not allowed to rent to any of my family members. So not a house, but a tool through which I am able to make a living.
So unless the BTL mortgage companies take this clause out of their mortgage contracts and allow us the freedom to actually use the properties for our own living needs then it isn’t the same at all.
Sorry, I know the argument is much more than this but I do think it is a fundamental flaw in the Government’s argument.
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