Hi all,
We are currently looking into buying a second house for us to live in and rent out our current residence. We currently have a mortgage of 230k and the location of this house is rentable @ 600/ 650 per month. Mortgage repayment currently approx 1000 monthly.
To buy new property we would just need a loan of 25k with repayments over 5 years of 548 per month.
We are currently saving that amount a month so I feel we can do it but I would really like advice on the following:
We have mortgage interest relief on first house can we retain in if its rented out?
How much stamp duty would we have to pay?
How much tax would we have to pay on the rental income?
The house/ mortgage is in my husbands name so could the new house be put in my name to benefit us in anyway?
Any advice welcome