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Interest free BTL mortgages available?
Sue_S
Posts: 305 Forumite
A bit of advice please. My husband and I currently own our own house and 2 BTLs. No mortgages. We would like to gift our children deposits to buy properties but without selling either of the BTLs (due to capital gains).
Do you think it would be possible to get a £200K interest only mortgage on one of the BTLs (currently worth approx. £550K)? We have pension income of approx £22K plus £25K rental income. We would be responsible for the mortgage payments and would envisage the mortgage being repaid on our deaths from the sale of the property. This would have the benefit of reducing our estate for IHT purposes.
Do you think it would be possible to get a £200K interest only mortgage on one of the BTLs (currently worth approx. £550K)? We have pension income of approx £22K plus £25K rental income. We would be responsible for the mortgage payments and would envisage the mortgage being repaid on our deaths from the sale of the property. This would have the benefit of reducing our estate for IHT purposes.
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Comments
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Yes it is, you need a mortgage broker to assist here.
You also need some clear advice on IHT planning.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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