G
georgem25
Guest
Myself and my parents are thinking of buying an investment property and have a few queries. I have my own house with a small mortgage. I will be purchasing 50% of the investment property and will be taking out a new mortgage to cover this. From reading other posts I believe that any cash I have should be paid off my own mortgage to minimize my personal cost and the investment mortgage should be 100% so that any interest expense can be offset against the rental income.
My parents have no mortgage. They have some money saved. Should they use this to purchase part, and take out a small mortgage for the balance, or should they mortgage 100% and offset the interest against rental income. I think that they shouldn’t take out a mortgage unless they have to with interest rates constantly increasing on mortgages and interest on deposits so low. What is the best option?
Tax query – my mother is a housewife and has no income. My father is a PAYE worker. Is there any benefit in putting this investment in either one or both of their names?
My parents have no mortgage. They have some money saved. Should they use this to purchase part, and take out a small mortgage for the balance, or should they mortgage 100% and offset the interest against rental income. I think that they shouldn’t take out a mortgage unless they have to with interest rates constantly increasing on mortgages and interest on deposits so low. What is the best option?
Tax query – my mother is a housewife and has no income. My father is a PAYE worker. Is there any benefit in putting this investment in either one or both of their names?