Z
z104
Guest
Hi,
I'm wondering what are the benefits and pitfalls of releasing equity in an investment property to pay off all the outstaning mortgage balance on my principal residence. ( Have had principle residence mortgage longer than 7 years) I like the idea of owning my own home free and clear but not sure if it's the smartest thing to do.
I owe 110k on my principal residence and can release this much in equity from my investment property. I did not use my principal residence as collateral for the investment property.
Also, If the outstanding balance ( with equity release )on the investment property is 200k and I sell it for 200k do I still need to pay capital gains tax on the difference between buy price and sell price. Investment property originally bought for 110k.
I'm wondering what are the benefits and pitfalls of releasing equity in an investment property to pay off all the outstaning mortgage balance on my principal residence. ( Have had principle residence mortgage longer than 7 years) I like the idea of owning my own home free and clear but not sure if it's the smartest thing to do.
I owe 110k on my principal residence and can release this much in equity from my investment property. I did not use my principal residence as collateral for the investment property.
Also, If the outstanding balance ( with equity release )on the investment property is 200k and I sell it for 200k do I still need to pay capital gains tax on the difference between buy price and sell price. Investment property originally bought for 110k.