Second Home
It is possible you may require more than one property for your own family's use. It is quite possible to have more than one private mortgage. Subject to all the usual considerations, you simply need sufficient income to service all loans. Having said this, there are a few things to consider.
You don't usually have to pay Capital Gains Tax when you sell or dispose of your own home (main residence). This is because HM Revenue & Customs allow a tax break called Private Residence Relief. You may have to pay Capital Gains Tax if you own more than one home or if you use your home for business purposes.
For Inheritance Tax planning purposes, you can consider placing such property in trust for your dependents. More recently, the Government has been making changes to the rules on certain trusts, but there are still many suitable trusts. We can help plan such a purchase and advise the most suitable method.
You may need to raise some money on your existing home to help towards the purchase price of your second home. We can help with this and finance on your new property.
You don't usually have to pay Capital Gains Tax when you sell or dispose of your own home (main residence). This is because HM Revenue & Customs allow a tax break called Private Residence Relief. You may have to pay Capital Gains Tax if you own more than one home or if you use your home for business purposes.
For Inheritance Tax planning purposes, you can consider placing such property in trust for your dependents. More recently, the Government has been making changes to the rules on certain trusts, but there are still many suitable trusts. We can help plan such a purchase and advise the most suitable method.
You may need to raise some money on your existing home to help towards the purchase price of your second home. We can help with this and finance on your new property.