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Building a house in our garden to help pay off existing mortgage.
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Thank you, I didn't realise this
BTW - you are wrong in understanding tax. Only the interest element of a mortgage cost can be offset against the rental income in calculating your taxable profit. Therefore if you have a repayment mortgage (such as your current residential mortgage) the capital element of the monthly repayment is treated as taxable income[/QUOTE]0 -
Step one is in obtaining your existing lenders permission to divide your land, this can be complex.0
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Could you not sell the house and some of the garden so paying off the existing mortgage then live in a mobile home during the build?
You would need to be sure of pp.0 -
Alchemilla wrote: »Could you not sell the house and some of the garden so paying off the existing mortgage then live in a mobile home during the build?
You would need to be sure of pp.
No, we couldn't move into the new build as it will be too small of our family, I might look into selling both and buying somewhere else though, that is a possibility I hadn't thought of before...
From the comments above I think IF everything got approved the best thing would be to sell.0
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