Hello,
my question has 2 dimensions - income tax and CGT.
I have one residential home, which we bout last month, I am the ONLY person on the mortgage with HSBC, but me and my wife jointly hold the title deeds. She was not earning at the time we applied for mortgage.
We now wish to buy a 2nd property, we will move in to it and rent the 1st one, OR continue staying in the 1st one and rent the new property.
So, firstly, can my wife get a FTB mortgage (90% LTV) since she is not any mortgage so far and has earnings now from a new job ?
I assume on our 1st property we wont be subject to CGT as we lived in it, however, if we move to the 2nd property and stay in in it for 6 months+, will we ever be liable for CGT ?
Can I rent out one of the properties assuming they are both on residential mortgages and not BTL mortgages.. I heard from someone you are allowed uptp 2 residential mortgages... Is that true ?
How is the income tax calculated on the property I have rented.. Say rent = £1000, mortgage payment =£950, maintenance = £50. Will I be liable for any income tax ?
Sorry for the basic questions, but I am new to the property scenario.
Thanks
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