Mary Harty

My husband and I have a residential mortgage with Halifax, and we are looking to raise capital against our residential home in the way of a further advance, to allow us to buy an investment property outright. We are looking to borrow the capital on an interest only basis so that the rental income covers the increased cost. I would be interested to understand whether or not 20% mortgage interest can be offset as an expense, as although the mortgage is for the purpose of a BTL property, it’s technically secured on a residential basis. Thank you

My husband and I have a residential mortgage with Halifax and are looking to raise capital against our residential home in the way of a further advance, to allow us to buy an investment property outright. We are looking to borrow the capital on an interest only basis so that the rental income covers the increased cost. Although the mortgage is for the purpose of a BTL property it’s technically secured on a residential basis. In the event the property increases in value, I would be interested to understand whether or not the stamp duty costs at purchase can potentially be offset against CGT at the time of a future sale