Hi
I am planning on moving into the house that I am building in September and renting out current home.. I have a mortgage in my sole name on this home (had before married) and my Mr Polo1 is getting the mortgage on the new home build in his sole name.. The bank has told me that I will need to move my Mortgage to a BTL mortgage on the home that I am planning on renting out? Is this the case or can I continue with the mortgage that I have?
Also can someone tell me if the mortgage is higher than the income from rent on 2nd property do you still have to pay tax on this or can you write it off? I am not sure about this and tried to find info on the revenue site but to no avail..
thanks,
I am planning on moving into the house that I am building in September and renting out current home.. I have a mortgage in my sole name on this home (had before married) and my Mr Polo1 is getting the mortgage on the new home build in his sole name.. The bank has told me that I will need to move my Mortgage to a BTL mortgage on the home that I am planning on renting out? Is this the case or can I continue with the mortgage that I have?
Also can someone tell me if the mortgage is higher than the income from rent on 2nd property do you still have to pay tax on this or can you write it off? I am not sure about this and tried to find info on the revenue site but to no avail..
thanks,