Hi there,
I am in process for releasing the equity from existing IP as separate split to fund the next purchase. Need to borrow above 80% for equity release hence LMI payable.....lender has advised that LMI payable will be added to separate split.....Plan is to 10% deposit for new IP + stamp duties + BA fees (if any)
+ solicitor + building inspections out of this split....Loan will be settled in 14-15 yr and will be sitting in redraw until needed...
Just wondering if i didn't make the new IP purchase before Jun 15 then will I loose the LMI deductibility....as loan was settled in 14-15 yr
but property was purchased in 15- 16 yr.......
also paying BA, solicitor, inspection fees from this equity release does not affect its deductibility or does it?
cheers
I am in process for releasing the equity from existing IP as separate split to fund the next purchase. Need to borrow above 80% for equity release hence LMI payable.....lender has advised that LMI payable will be added to separate split.....Plan is to 10% deposit for new IP + stamp duties + BA fees (if any)
+ solicitor + building inspections out of this split....Loan will be settled in 14-15 yr and will be sitting in redraw until needed...
Just wondering if i didn't make the new IP purchase before Jun 15 then will I loose the LMI deductibility....as loan was settled in 14-15 yr
but property was purchased in 15- 16 yr.......
also paying BA, solicitor, inspection fees from this equity release does not affect its deductibility or does it?
cheers