Reducing tax liability by adding other half - to the deed or to the mortgage or both?

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    Reducing tax liability by adding other half - to the deed or to the mortgage or both?

    Hello all,
    Sorry if this has been asked in the past.
    Currently, our BTL property is only under my name both on the deed and the mortgage. To be able to take advantage of personal allowance for both of us, should I just add my other half to the mortgage or should I add her to the deed by transfer of equity or should I just add her to the mortgage (bank permitting)?
    Thinking of making use of transfer of equity given the stamp duty holiday at present.

    You'd need to do both.
    You'd want to own the property as tenants in common (unless you want a 50:50 split) and your mortgage terms will prevent you from doing that without the lender's consent - which they, in practice, will only give if your partner is on the mortgage.

    The situation is slightly different if you are married or not, and you'd want to discuss this with a solicitor.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


      Thanks JPK, we are married. I spoke to the bank and they think this will be straightforward and there won't be any fee from their side. I'll see how it goes.


        JpKeates is correct , the lender will underwrite your wife notwithstanding that you are presently conducting in a satisfactory your mortgage. Once approved then it is straightforward for having your wife added to the Title Deeds and then be able to split the property income and expenses on your respective Self Assessments, a mandatory requirement for anyone receiving income from Land& Property even if one currently doesn't earn sufficient to pay tax.


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