2ndHousepurchase-fincl issues w/ 1st house

[Shar22]

I am joint owner of a house and currently living there but I have just bought another house with my partner and will be moving into it. My expenses on the 1st house are house and life assurance and afew other charges and I will have to pay the same on the new house. My tax relief at source will be moving to the new house also. What can I do to reduce expenses on the 1st house if I just rent my room out?

 

[ClubMan]

You cannot retain the original property as your PPR if you are moving out. As such you cannot rent it out under the owner occupier rent a room scheme. You can only rent it out as a regular investment property. If you do this then you can offset interest on the mortgage and other allowable expenses against rental income. These threads might be of interest to you:

Sell home or keep as an investment?
Interest only mortgage for investment property

Property Investment FAQ
Property Investment - Key posts