Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About 2 weeks ago 126
I am currently looking to buy a (probably) new property for the sole purposes of letting it out.
I currently own my own home and do not have a mortgage on it, n or do I have any other debt.
I plan to use a Buy to Let mortgage (60 LTV) to buy this rental property over 13 years till I retire.
Am I correct in thinking that as long as my rental income is NOT greater than my monthly repayments, then the rental income is NOT liable for income tax???
Once the mortgage is paid off ,then rental income is liable for income tax??
Also to confuse matters, I am mortgage free and people keep suggesting that I raise the money by mortgaging my own home. But my understanding of this is that I will get a different mortgage product to simply BTL, and the interest rate will be the normal rate. But all Rental Income is then taxable???
I am also a 40% tax payer.
Can people confirm my thoughts above are indeed correct please? Or if they are not, can you clarify to me where I am incorrect?
Thanks in advance!!!
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