I have bought a house needing major renovation...12months of work and I have taken out a normal mortgage on it with the bank ( as it is apparently in 'habitable' condition. To avoid renting for the year, I have also bought a flat with the intention of letting it out afterwards in the hope of long term capital gains. To finance this I have put down a sizeable deposit on the flat with the remainder being financed by a buy to let mortgage. I know the banks say you can't rent to a relative (i.e. myself), but if I keep quiet about living there for the first year is there any way they will find out. My voters roll address will be at the renovation property as will all bank statements etc. There is no worry about affording the two mortgages as the combined are less than I pay on my current property. How does this work in relation to the taxman?
- posted
17 years ago