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bigduckontax, Accountant
Category: Tax
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I'm looking to move house and will be keeping my house and

Resolved Question:

I'm looking to move house and will be keeping my house and my partners house which are owned outright to rent out.
I need help determining whether we would be better off taking out buy to let mortgages to increase our deposit and consequently mortgage repayments for the new residential house, or leaving them as they are and taking the rental income.
I don't even know where to start trying to figure this out.
Any guidance gratefully received!
Submitted: 9 months ago.
Category: Tax
Customer: replied 9 months ago.
Sorry, I meant releasing the capital to increase deposit and reduce residential repayments.
Expert:  bigduckontax replied 9 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

You would be best to raise the money by a mortgage on your buy to let properties as the interest element of the mortgage repayments would be allowable against the rental income for Income Tax purposes.

That would be my advice to you in this situation.

I do hope that you have found my reply of assistance.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3379
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 9 months ago.
Hi Keith
Thanks for your help
Claire
Expert:  bigduckontax replied 9 months ago.

Delighted to have been of assistance, Claire.

Thank you for your support.

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