Buying a new second home

C

champ

Guest
Hi,

I am new to this forum, so please excuse me if I am asking a repeat question.

I bought a new 3 bed house from a builder in sept 2003, now I am cosidering buying a new 4 bed house in the same estate(from a diffrent builder). I plan to make the 4 bed house my permanent residence(owner occupier).

While doing so , I would like hold on to my 3 bed house and give it up on rent.

What are the tax and stamp duty implications ? what is the best way to reduce these ?

Will I be liable to pay stamp duty on the new 4 bed house can I opt to pay stamp duty on my 3 bed house that I am currently occuping ?

Also what will be the max amount that banks usually are willing to loan for second house ? will they lend 90% ?

Any advice much appricated.

Thanks
 
Welcome aboard, Champ. Have you reviewed the key posts in this Property Investment forum, particularly the 'sell or keep home as investment' one - You'll get a lot of your answers there. Repost if you still have specific queries afterwards.
 
Thanks very much RainyDay, I have reviewed the thread you mentioned, and it does indeed answer my queries. I have decided instead to invest elsewhere and wait to see how the housing market moves in the next couple of years.

Would'nt you think that housing market may actually inflate after the SSIA's mature in the next two years ?
 
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