How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3825
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

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: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
Sorry, I meant releasing the capital to increase deposit and reduce residential repayments.
Expert:  bigduckontax replied 1 year 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 and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Hi Keith
Thanks for your help
Claire
Expert:  bigduckontax replied 1 year ago.

Delighted to have been of assistance, Claire.

Thank you for your support.

Related Tax Questions