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remortgage to pay another house off
amjad171
Posts: 66 Forumite
I have 2 houses one on a BTL and the other which I live in on a residential.
The BTL has a 50k mortgage and the property value is around 90k. Would I be able to take out say 20k on this house to pay off a lump sum towards my main residential house? The plan is to pay off my house I live in as quick as possible and then look at the BTL house.
Is this possible and would the bank let me borrow 20k?
Thanks
The BTL has a 50k mortgage and the property value is around 90k. Would I be able to take out say 20k on this house to pay off a lump sum towards my main residential house? The plan is to pay off my house I live in as quick as possible and then look at the BTL house.
Is this possible and would the bank let me borrow 20k?
Thanks
0
Comments
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interest on this extra borrowing will not usually count as a allowable expense when calculating tax duon rental income
Is your B2L rate lower than residential rate ?Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
The BTL is lower.
I don't quite understand what you mean with regards to the extre borrowing interest counting as an allowable expensewhen calculating the tax return.
Apologies if being thick0 -
Are you declaring rent for tax purposes.. if so I assume you are also deducting the interest on the B2L as an expense
( if so the increase will not usually be allowable deduction)Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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