I would appreciate your kind guidance..
I am in the process of buying a property (to BTL) off-plan with completion expected 2006,
I made the first ‘stage-payment’ of 10% on exchange and need to make a second 10% ‘stage-payment’ this June.
I have other BTLÂ’s and have re-mortgaged one to make the stage payments. I am aware of IR rules regarding assigning interest cost to new property, not property re-mortgaged.
As I am self-employed my income is erratic, I thought it prudent to re-mortgage now and deposit funds for second stage-payment in savings account until needed in June. For IR, my accounts (with audit trail) will be calculated as follows for the period; start of loan until June):
Thus; re-mortgage loan interest (7%) charged for period, minus interest received from money invested (Net 4.28) for same period.
Thank you
Graham
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