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Technicalities of buy to let

#1
All,

apologies if this ground has been covered - i had a quick scan and found nothing.

I am a first time buyer and am going to buy-to-let.

Having used a couple of martgage calculators i have noticed that the amount i can borrow is greater if i do not include my wife as a named borrower. This is obvious because she does not work so clearly the bank sees it as a risk to lend her money.

My question is this - can i have the flat income going straight into my wife's account, thus reducing the amount of tax we will have to pay on the income (assuming that the income is taxable, which i believe it is)?

Thanks for any help.

T
 
#2
Firstly, welcome to the world of buying to let :) Secondly. Make sure you're talking to mortgage companies about a specific buy to let mortgage. You can't just get a standard one and rent it out, well not legally at least.

Thirdly and most importantly - ignore what anyone tells you on here and go talk to a nice local accountant. If you have no clue who to use, let me know, I've got a lot of experience of working with accountants and can point you in the direction of a reputable practice.

Seriously, don't get tax advice on here, go to a professional, you can dig yourself into an horrendous hole if you don't get some genuine qualified advice.

(p.s. yes it is taxable, but depending on how you work it you can avoid some based on any losses incurred, and also you can defend yourself against overpaying NI with the right advice - seek help !)
 

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