J
Joe456
Guest
Hi,
I have a query that I am hoping someone can shed what is the most economical (while legal) way to solve. I bought my home 4 years ago for 300K and over that time have been able t pay my mortgage off for all but about 30K. I recently purchased a second property for 365K from which I need to get a mortgage for 340K (which I have approval from my bank for). Can someone please let me know what is the best way in saving on stamp/tax etc that I should close this. I know that by moving into the new house I dont have to pay stamp duty as it will be my primary residence and under the square meter criteria. I also believe I wont have to pay stamp duty back as the time to stay changed from 5 years to 2 years in the last budget??. My question is, should I look to remortgage the house I have with 20K left on it for a further 340K which is already approved. Move into the new one (avoiding stamp duty) and just get an interest only mortgage on the 20K+340K one whicH i hope to rent??? I heard there is something where as an investor you can offset mortgage interest against rental income. By doing this should I be paying stamp duty somewhere??
Confused, I am even just typing this. Any comments greatly appreciated.
Thanks
J
I have a query that I am hoping someone can shed what is the most economical (while legal) way to solve. I bought my home 4 years ago for 300K and over that time have been able t pay my mortgage off for all but about 30K. I recently purchased a second property for 365K from which I need to get a mortgage for 340K (which I have approval from my bank for). Can someone please let me know what is the best way in saving on stamp/tax etc that I should close this. I know that by moving into the new house I dont have to pay stamp duty as it will be my primary residence and under the square meter criteria. I also believe I wont have to pay stamp duty back as the time to stay changed from 5 years to 2 years in the last budget??. My question is, should I look to remortgage the house I have with 20K left on it for a further 340K which is already approved. Move into the new one (avoiding stamp duty) and just get an interest only mortgage on the 20K+340K one whicH i hope to rent??? I heard there is something where as an investor you can offset mortgage interest against rental income. By doing this should I be paying stamp duty somewhere??
Confused, I am even just typing this. Any comments greatly appreciated.
Thanks
J