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Two mortgage advice
My son has a mortgage on two properties. He splits his time between both as dictated by work. He is currently overpaying on the larger of the two and will in time rent out the second property. I believe he has a 80% mortgage on this property. What is the best way to avoid capital gains on the second property?
Comments
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He probably needs to speak to a tax adviser. You dont want to risk getting that one wrong.
The tax man gets paid before anyone.
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.1 -
If the 2nd property acquired within last 2 years there is an ability to make a formal election, choosing which of the two the main residence exemption should apply.
If outside the time limit, then HMRC decides on a factual basis - following article explains -
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