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buying a second property

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  • buying a second property

    Hi,

    For a while now I have been wanting to want to buy another property to do up and sell on. The opportunity has now presented itself but I have a few questions. I currently have a mortgage on my home but it could be paid off still leaving me with enough for a deposit on a new house and money to do it up. I am also in Scotland in case it makes a difference.

    So my questions are

    1. Would it be better to pay off my current mortgage and get a new mortgage on the new house even if I am never going to be living in it. I assume I would have to pay Capital Gains tax on any profit when I sold the second property though? How much is CGT tax?

    2. Are you allowed to have two mortgages? even if you only live in one of the houses and the other one is empty? I would have income from my job to cover the mortgage but would I have to pay council tax on both properties?


    Thanks for any advice.

  • #2
    The property bubble is collapsing - it is rapidly becoming a buyers market. I really don't understand why you would be in a mental rush to get into the property market when its falling?

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