I plan to buy, renovate and sell residential properties - not so much for the money but because I want to be my own boss and I like the thought of renovating property.
For the first property I will take out a residential mortgage. If I enjoy the process and decide to sell, I'll buy more properties and repeat the process. At this stage, it will be a business, so are there alternatives to a Buy-to-Let mortgage which would eat up much of my capital? How should I structure the loan ?
In terms of a deposit, I could just afford to put down 15 per cent on a £200-250 property (The remainder of my savings could then cover the other costs such as stamp duty, renovation costs, fees etc). I would ideally prefer to put down less than 15 pc as a deposit. I will quit my job and my husband will support me. He only has one year's worth of accounts at this stage and he's an IT contractor.
Finally, would it be possible to a) use a residential mortgage for each property, and simply transfer the mortgage from property to property and b) if I do keep each property under a residential mortgage, I want to make sure the tax department gets the correct amount of money - is this possible.
Any suggestions?