To the many people wiser than me on this forum
thanks for looking
As the title says I've had an offer accepted on IP2 that i want to buy
We are going through the documents but i havent signed the contract yet
I will be funding it with cash in the form of advanced payments or maybe equity from IP1 pending valuation result
The plan was to turn it into a dual occ property (whilst living there) and rent out one half whilst living in another
I've been told that I can't live there coz i'm buying it as an IP even if it becomes an eventual dual occ (within 6 months)
I've also been told I can't buy it as a PPOR either coz the funds were from an investment property (funds can only be used for investments not PPOR)
I would like to know is there any truth to this?
and what is my actual position in all of this?
what are my options?
should i be going ahead with buying the property?
thanks for looking
As the title says I've had an offer accepted on IP2 that i want to buy
We are going through the documents but i havent signed the contract yet
I will be funding it with cash in the form of advanced payments or maybe equity from IP1 pending valuation result
The plan was to turn it into a dual occ property (whilst living there) and rent out one half whilst living in another
I've been told that I can't live there coz i'm buying it as an IP even if it becomes an eventual dual occ (within 6 months)
I've also been told I can't buy it as a PPOR either coz the funds were from an investment property (funds can only be used for investments not PPOR)
I would like to know is there any truth to this?
and what is my actual position in all of this?
what are my options?
should i be going ahead with buying the property?