I have a property which is rented. The outstanding mortgage is £65K. The flat is worth about £130k. My other (main) property is on a flexible mortgage, the balance of which is about £175K.
Is it possible to remortgage the rented property for say £115K, thus releasing £50K of equity and then, because of the increased interest payments on this property, reduce my tax liability on the rental income. The £50k would be used to reduce the balance of the mortgage on my main residence. The aim in effect is to transfer equity from the rented property to my main home and reduce taxes at the same time. Is this possible and are there any CTG or other implications.
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