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Remortgaging a house owned outright to partly finance the purchase of another
Helenjessop
Posts: 1 Newbie
Hi there, my husband owns a house outright in which my mother-in-law lives. We are currently private renting and are considering remortgaging the house to buy another for us to live in. Would remortgaging be our best option? One thing that bothers me is when we do eventually sell the house owned now we would be hit with capital gains tax wouldn't we? Many thanks in anticipation of your advice x
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Comments
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Your not allowed to tout for business it's against forum rules.
the advice given is also incorrect you can get a mortgage and rent to family but they are much harder to obtain.
not only would cgt be due in the future but as husband already owns a property extra stamp duty would be due on the 2nd property.When using the housing forum please use the sticky threads for valuable information.0 -
@tom9980 it's the 5th thread s/he has done this in so far.Mortgage started 2020, aiming to clear 31/12/2029.2
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