Investment property - using current house
#16
Re: Investment property - using current house
I think you would only get tax relief for whatever you could remortgage your current house for. So if you get it valued at 500k and get 90% mortgage.
Take all your equity above this and dump it on the new one.
Declare the new one as your primary and pay as much of your money into that and keep all the high interest/mortgage payments on your investment property for tax relief.
I don't think you have to transfer anything or effect a sale. Just declare the old one as investment property and new one as primary
Take all your equity above this and dump it on the new one.
Declare the new one as your primary and pay as much of your money into that and keep all the high interest/mortgage payments on your investment property for tax relief.
I don't think you have to transfer anything or effect a sale. Just declare the old one as investment property and new one as primary