shelleyjones001 wrote
For living in it instead now its time to stay with my house would be cheaper just to remortgage however it instead now its time to another mortgage on my house would be better just to stay with my house yrs ago with my mortgage lender for.
August 12th, 2009 - 6:23 pm
There is a problem if you say you are going to live in a house and rent it out instead. I don’t think there is any such concern if the tables are turned, at least not in the US.
August 15th, 2009 - 6:25 pm
This is a tax and legal question.
I would consult with a CPA and or a CPA attorney.
August 17th, 2009 - 12:42 am
Legally, I don’t think there should be much cause for concern. The first Answer is correct - it’s a problem if you do it the other way around, but not so much this way around, as the main problem is to do with potential damage being caused to the house - tenants very often do not take good care of a property.
Financially, the terms of a buy-to-let mortgage are usually much, much worse than other mortgages and I would be very surprised if it really is beneficial for you to do this. I think you should have a look around and see what other lenders could offer.