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If she splits the loan though, (after the fixed rate is up and before repaying IP2) this wouldn't be an issue right? It would be the same as if she used equity to purchase a new IP.

I'm not a tax guru but I'm 99.9% sure it would be fine to do what you're suggesting. One idea though -why not use your mum's property for the full 20% plus costs, and put all your extra funds into IP1 until the time comes to release the guarantor?