I fully own a property with no mortgage which I now want to rent out. I also have another property which I have moved into and have a substantial mortgage on. I want to pay off or at least reduce the mortgage on the new property as there are no seeming tax benefits on this property or mortgage as it is my primary residence. I therefore want to have a mortgage on the first property to benefit from tax when it is rented out as an investment and use the mortgage money from this property in my primary residence to reduce the mortgage monthly payments.
1. Is this legal?
2. If it is how do I do it?
3. What are the issues with doing this?
I appreciate any assistance on this.
Thanks
Neil
1. Is this legal?
2. If it is how do I do it?
3. What are the issues with doing this?
I appreciate any assistance on this.
Thanks
Neil