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Mortgage/tax advice please....
Comments
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If you have the 20% deposit to hand without need for raising against your current property, you do not need eother a let to buy or buy to let
Why do you think you need self cert?
There are plenty of lenders that give high income multiples if needed, and if they are affordable to you.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just to go back to the tax point, it is unlikely you will be able to claim any relief, unless the loan was used to FUND the rental property, if you choose to secure a loan against the property to fund your new house it is unlikely you will be able to claim. Whether it is tax deductable depends on the purpose of the loan not where/how its secured.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just to go back to the tax point, it is unlikely you will be able to claim any relief, unless the loan was used to FUND the rental property, if you choose to secure a loan against the property to fund your new house it is unlikely you will be able to claim. Whether it is tax deductable depends on the purpose of the loan not where/how its secured.
The purpose of the loan is to retain the current property for letting as opposed to selling it; therefore it should qualify.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you have the 20% deposit to hand without need for raising against your current property, you do not need eother a let to buy or buy to let
Why do you think you need self cert?
There are plenty of lenders that give high income multiples if needed, and if they are affordable to you.
I need a self cert because i am self employed and i don't have books to prove income so will be basing on projected income....(have had a lazy couple of years, being mortgage free i decided to take it easy for a while!)
Yes, i do have the 20% deposit for the new property.
I can only afford to borrow the 140K i need if i can get my existing property rented out and not have to pay tax on the income.0
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