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loan on 2nd joint owned property
jimmyk_2
Posts: 15 Forumite
can anyone help me with advice on the best way to raise money on a 50% owned property..this was inherited and no charges or loans are secured on it..my brother who ownes the other 50% lives in the house but at the moment friends are living free of rent upstairs!! i am intending to start charging rent from October.as this rent would be taxable (at the lower rate) i was looking at an interest only loan of about £60000 which would pay off my existing home loan which has about 9 years to run..this would hopefully leave the rental income to pay the interest and would reduce the tax implications. i am 51 and my brother is 64 we both have 2 children who we hope will not inherit for many years...nationwide (who provide the existing home loan) were not interested..can anyone help with names,or spot pitfalls that i have missed..all is well between brother and tenants...thanks in anticipation..jimmyk
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