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Pay Residential Mortgage with Rental Income

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  • Pay Residential Mortgage with Rental Income

    Hi,

    While I have been living with my parents I bought 2 buy-to-let properties. I am ready to move out and my own residential property. Could I get some advice on the following:

    - What is the best way to maximise my borrowing? Should I remortgage the 2 buy-to-let properties to purchase my residential property?

    - Can I use the rental income to pay my monthly payments on the residential property? Are there any tax implications that I need to consider?

    I think I now need to get an accountant to help out with this, but an initial idea of what is involved would be really helpful.

    Many thanks.

  • #2
    Re: Pay Residential Mortgage with Rental Income

    You would certainly need an accountant as you're looking at changing your tax liability.

    Am afraid I'm not qualified to give more detailed advice, though!

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