Holiday let to private rental?

Holiday let to private rental?

0:01 AM, 5th November 2024, About 34 minutes ago

Text Size

Hello, I bought a new build property in Cornwall 2 years ago and its now a successful Airbnb. However, I’m thinking of using it as a Buy To Let instead. This is largely because I want to move house myself but my trusted mortgage advisor tells me that, although the outgoings on the holiday let are taken into account when assessing affordability, my income from Airbnb is not, because it’s neither regular nor dependable.

This drastically reduces how much I can borrow to buy my next house, making it unaffordable, despite the fact that I have two other rental properties which are doing well and two pensions.

If I have a regular income from permanent tenants I can borrow what I need on a mortgage.

Has anyone had an experience of making this change? Is it a good idea?

Also, can anyone make any sense of the tax implications of disposing of furniture etc? The information on the HMRC website is pretty much incomprehensible!

Thank you,

Tricia


Share This Article


Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More