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please think about this one for me
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bon_3
Posts: 28 Forumite
Maybe you can help
Please refer to post at forum:'House buying, Renting,Selling and Property Prices'Today 10:26 AM by bon.
I think I have an idea but is it viable.
I know nothing about buy to let mortgages so this idea is based on certain assumptions:
PROPERTY A is original property
PROPERTY B is new build
PROPERTY C Is a flat that I do not own
1) I find PROPERTY B
2) I arrange buy to let mortgage for PROPERTY C at sale of PROPERTY A
3) Proceeds from sale of PROPERTY A pay of all debts except £58,000 mortgage.
4) £58,000 is paid for with buy to let mortgage.
5) Sale of PROPERTY A leaves renainder £18,000. This serves as deposit on buy to let mortgage.
6)We move in to PROPERTY C
7) Shouldn't have to pay capital gains tax?
8) Still have only one mortgage as debt?
PLEASE CONSIDER THIS IDEA AND IMPART ANY WISDOM YOU HAVE ON FLEXIBILITY IF APPROACHING BUY TO LET MORTGAGE, CAPITAL GAINS ETC.
Please refer to post at forum:'House buying, Renting,Selling and Property Prices'Today 10:26 AM by bon.
I think I have an idea but is it viable.
I know nothing about buy to let mortgages so this idea is based on certain assumptions:
PROPERTY A is original property
PROPERTY B is new build
PROPERTY C Is a flat that I do not own
1) I find PROPERTY B
2) I arrange buy to let mortgage for PROPERTY C at sale of PROPERTY A
3) Proceeds from sale of PROPERTY A pay of all debts except £58,000 mortgage.
4) £58,000 is paid for with buy to let mortgage.
5) Sale of PROPERTY A leaves renainder £18,000. This serves as deposit on buy to let mortgage.
6)We move in to PROPERTY C
7) Shouldn't have to pay capital gains tax?
8) Still have only one mortgage as debt?
PLEASE CONSIDER THIS IDEA AND IMPART ANY WISDOM YOU HAVE ON FLEXIBILITY IF APPROACHING BUY TO LET MORTGAGE, CAPITAL GAINS ETC.
0
Comments
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I have answered your posted thread in the buy to let mortgages section.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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