Hello everyone,
I'm sorry if this has been asked before. I'm just curious about it as I want to open a LISA and I understand that I can't open one if the property is BTL. I'm wondering what qualifies as BTL please? Thanks!
Edit: Thanks all!
Posted Feb 16, 2019, 2:52 PM UTC · edited
No. Look up the rent a room scheme.
!thanks
You'll get 4k rent tax free for a lodger last I checked.
As someone else said, government rent a room scheme is good to look into as it gives you a tax break on income from a lodger (note: if you are renting a spare room and you share communal areas while you live in the house, then they are a lodger, not a tenant and you are classed as live in landlord). I'd recommend drafting a contract regardless of the fact they are only renting one room. Before taking someone in also check with your home insurance as sometimes having a lodger can invalidate this. It's worth looking over your mortgage t&C's because it is only residential but some providers are funny about lodgers and may have particular clauses in relation to this.
!thanks
!thanks
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!thanks