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Buy to let and normal mortgage equity balance
Bob320
Posts: 1 Newbie
Hi and Thanks for reading,
I`ve got a few questions and would be really gratefull for some advise. All about being student landlord and the best use of equity.
I have been with my girlfriend for 6 months and we want to move in together, we both have our own houses that we have owned for around 7 years each.
My house market value is around £120k and I have a mortgage (fixed approx 3 years remaining) of around £50k in it.
My Partners house market value is around £170k and has a £80 mortgage on it.
Our ambition is to keep my house and rent it to students and sell her house and purchase a larger place at approx £250k between us.
Ok my question is how should we distribute the equity in the houses to get the best deal when remortgaging? Obviously the Buy to let mortgage will have a higher interest rate, however I hear that you can claim all the mortgage interest back on you tax return against the rental income?
Hope someone can pont me in the right direction?
Paul
I`ve got a few questions and would be really gratefull for some advise. All about being student landlord and the best use of equity.
I have been with my girlfriend for 6 months and we want to move in together, we both have our own houses that we have owned for around 7 years each.
My house market value is around £120k and I have a mortgage (fixed approx 3 years remaining) of around £50k in it.
My Partners house market value is around £170k and has a £80 mortgage on it.
Our ambition is to keep my house and rent it to students and sell her house and purchase a larger place at approx £250k between us.
Ok my question is how should we distribute the equity in the houses to get the best deal when remortgaging? Obviously the Buy to let mortgage will have a higher interest rate, however I hear that you can claim all the mortgage interest back on you tax return against the rental income?
Hope someone can pont me in the right direction?
Paul
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