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Two properties, One Mortgage

needhelppleasesomeone
needhelppleasesomeone Posts: 1 Newbie
in House buying, renting & selling
Hi

I'm considering purchasing a second property in my area to rent. I have a Virgin one account which allows upto 3 properties to be owned on the one mortgage.

I understand I need to delare any profit made to the tax man. I don't expect to make any profit but my question is, how will I work out this profit if everything is going into the one account?

I will keep a spread sheet with all expenses but I'm confused as to how I will calculate & separate the mortgage repayments from my own mortgage payments.

Any advice welcome!

Thanks

Comments

  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 14 January 2010 at 12:33AM
    You should probably ask the tax man.

    It'll either be total mort payment divided in half (equally for each property), or proportioned according to the value of each property. If one is £100k, the other £250k, then

    100/350 * mort payt and
    250/350 * mort payt

    Is there any other logical way to divide the payment up?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ask your tax office how they want it done.
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