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can you buy a house from yourself??

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Found 3rd Feb 2009
Long story short-my mum passed away in november and left me her house. Now,obviously its a very bad time to be selling property so is it possible to take a buy to let mortgage on the house until the market picks up again even though I would then technically be buying the house from myself?

My own home is mortgage free and I wouldnt want the full value of the house mortgaged,just looking to get some cash for the next coupla years til the housing market improves.

Can this be done?
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you can morgatge the house yeah its if you would get one in the current climate!! :thumbsup:
I would get a mortgage to offset the rent payments you can expect, that way you won't pay tax on the rental income.

For example if you can rent for £500 a month and borrow at £100,000 for a interest charge of £500 /month you can receive the £500 monthly tax free (though you will incur tax on the interest received on the £100,000 in the bank)
Original Poster
DazzyB;4270860

I would get a mortgage to offset the rent payments you can expect, that … I would get a mortgage to offset the rent payments you can expect, that way you won't pay tax on the rental income.For example if you can rent for £500 a month and borrow at £100,000 for a interest charge of £500 /month you can receive the £500 monthly tax free (though you will incur tax on the interest received on the £100,000 in the bank)



useful to know-thank you.
TBH, I expect the housing market to be in a worse state than it is now within the next few years, so it may be worth selling now if you can find a willing buyer.

P.S sorry to hear about the loss of your mum.
realfriendlyman;4270960

P.S sorry to hear about your loss.



better.
bad loss dude, sorry to hear it but practically speaking;
whilst the base rate is low its not yet been passed on by the banks whose mortgages can often be 5%+, maybe consider just renting it out see if market picks up or mortgage rates drop any
Technically you would be buying it from the mortgage lender i think.
Actually you'd be remortgaging an unencumbered property (assuming that you inherited the property
mortgage-free).
I'm a mortgage underwriter and we do this sort of thing all of the time.
Original Poster
Evil_monkey;4275669

Actually you'd be remortgaging an unencumbered property (assuming that … Actually you'd be remortgaging an unencumbered property (assuming that you inherited the property mortgage-free).I'm a mortgage underwriter and we do this sort of thing all of the time.



thank you-yes its mortgage free-will look into this tomorrow.
You're not actually buying the house from yourself, you're simply re-mortgaging a property that you own?
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