Rental Income and Tier 2 Visa

[SNC114]

Hi Gurus,

I might have been just about to be making a mortal error ... till this forum alerted me to it.

I am on a Tier 2 Visa with a validity of 3 years - expiring in July 2017. Intend to extend it for another 2 years as am on a 5 year employment contract... and then go for the ILR

In January 2017, I purchased a house (on mortgage). After renovations ... I was recently almost on the verge of renting it out that I happened to read something in one of the forums on this site ...that it could create problems when I embark on applying for the ILR in 2019.

Would greatly appreciate if you could advise on the following:

1) Can the purchase of a residential property by a Tier 2 Visa migrant detrimentally affect his ILR application ? (Really feel silly asking this after having bought it ... but pls overlook ... and do advise)

2) If a Tier 2 migrant can buy a residential property .... Can he give it out on rent for the purpose of rental income (With due compliance with all tax regulations and obligations) ?

3) If the answer to either or both the above is a NO ... Gosh ... what should I now do?

SOS ... Would appreciate any guidance on this. Thanks so much!

[Sheffield_Marketeer]

You'll be fine!!

There are no such rules that a Tier 2 holder's ILR is in any way affected because of a property bought/owned by them on mortgage or otherwise.

Would be good if you could link to this so called regulation?

Was a Tier 2 dependant, now on ILR with a mortgaged property.

[ShrutiBlue]

I have friends who bought a house (on mortgage) while they were on Tier 2 General. Now they are British citizens (after spending one year on ILR). I don't see why buying a house would be an issue!

[SNC114]

Thanks for your answers Sheffield_Marketeer and ShrutiBlue.

Much appreciated.

However, my main concern was purchasing a property ... AND ... renting it out for procuring rental income.

Would renting out of the property be considered a business ...and thus run in contravention of Tier 2 rules? As the income would obviously have to be declared to HMRC and thus be visible on the P60.

[SNC114]

Experts !!

Please help.

Need advice.

Thanks.