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Buy to let or Offset Mortgage
taba
Posts: 66 Forumite
We have 2 properties, one residential and one that is rented that is mortage we own outright. We have an offset mortage of £ 100000 on our home with FD, we have £ 40000 savings, we have 12 years remaining on this mortage.
Our home is worth £ 300,000 and the other property £ 170,000.
We have an income of £ 55000 including the rent from the other property. Could anyone advise if we should take out a buy to let mortage on the rented property for the tax advantage and reduce the offset mortage. We can afford to pay £ 1000/1200 a month.
Many thanks
Our home is worth £ 300,000 and the other property £ 170,000.
We have an income of £ 55000 including the rent from the other property. Could anyone advise if we should take out a buy to let mortage on the rented property for the tax advantage and reduce the offset mortage. We can afford to pay £ 1000/1200 a month.
Many thanks
0
Comments
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You do not have to have the debt on the property that is let to get the tax advantage
You may still be able to claim on the other mortgage, take advice, ask the tax office. it is only the interest abyway so not much these days.0
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