Rickhanshaw
Registered User
- Messages
- 1
Hi guys,
I'd like some advice please.
I have a home worth 400k that I own outright. Let's call it home a.
I wish to buy a second home worth approx 140k that I will call home b.
Home b will be my ppr for the next few years before moving back to home a.
I don't plan to rent home a as I will be spending weekends and holidays there etc. I will eventually rent out or sell home b after moving back to home a.
I meet the criteria for a mortgage to buy home b.
Is it possible to get a better rate by taking out a mortgage on home a which would have a better LTV ratio? Is this more complicated? Does anyone have any direct experience with this that they could share?
Also if in 5 years time I keep b and rent it out, could I claim mortgage interest relief if the mortgage used to buy home b is actually on home a?
Thanks a million,
Rick.
I'd like some advice please.
I have a home worth 400k that I own outright. Let's call it home a.
I wish to buy a second home worth approx 140k that I will call home b.
Home b will be my ppr for the next few years before moving back to home a.
I don't plan to rent home a as I will be spending weekends and holidays there etc. I will eventually rent out or sell home b after moving back to home a.
I meet the criteria for a mortgage to buy home b.
Is it possible to get a better rate by taking out a mortgage on home a which would have a better LTV ratio? Is this more complicated? Does anyone have any direct experience with this that they could share?
Also if in 5 years time I keep b and rent it out, could I claim mortgage interest relief if the mortgage used to buy home b is actually on home a?
Thanks a million,
Rick.