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What costs are associated with becoming a landlord?

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  • 09-10-2013 11:01pm
    #1
    prince burnmont
    Registered Users Posts: 1 ✭


    Hi, My wife and I are thinking about moving out of our current home in the city, then renting it out and renting a house ourselves in the countryside. We have had 2 kids since we bought the house and we find it a bit small now. we are about 80,000 in negative equity so selling is not an option. However I am concerned about the costs associated with becoming a landlord. I have heard that the bank might be able to take us off our tracker interest rate if we are no longer the owner occupiers. Is that true? Would we have to pay much tax in the rental income we receive? The mortgage would be more that the rent so we certainly wouldn't be making a profit on it. Would we lose our tax relief at source from the government on the mortgage? Would the cost of house insurance increase? Should we be getting a solicitor to to draw up a 1 year lease contract for tenants to sign? If so is that expensive? Any advice is welcome.


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