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SPV or Personal

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Author Topic: SPV or Personal  (Read 541 times)
Posts: 1

I like property

« on: September 05, 2020, 08:31:36 PM »

Hi, Newbie here and looking for any advice (positive or negative) in relation to my property situation.

Our situation is that I am a 40% taxpayer and my wife is not working. We own our own home and my wife has her own BTL. In addition to this, we have recently sold another jointly held BTL and are now considering moving from our main house to another house. We want to pay off the remaining mortgage on our current home and then remortgage it as a BTL via an SPV. I know we will pay stamp duty on the transfer, but in the long-term, it seems to suit us better. The funds we get from the remortgaged property will be used to purchase a residential house for us to live in.

I know, you can't usually reside in your own BTL property, but as we haven't seen another property to buy yet, can we remortgage and stay in the house for a short period (1-3 months)  and is there any providers that allow that?
If not what would be the best way to go about it?

As we would not have a deposit for the new house, we want to remortgage asap and use the money from the BTL remortgaged property as a very large deposit for our next residential house, but we won't have anywhere else to live in the meantime until we buy our next house for at least a few months.

Any help or insight, especially from anyone who's gone through something similar would be greatly appreciated.

Thank you all
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« Reply #1 on: September 07, 2020, 12:15:34 PM »

Would it not be simpler to keep your own home out of it - sell it and buy another as and when you please - and then separately buy a rental property? Is it the flexibility that attracts you?
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