18:29 PM, 11th October 2016, About 9 years ago 4
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I have owned a house for 24 years. For the last 10 years I have been renting it out and living in my long term partner’s home. We have decided to get married for reasons of next of kin responsibilities, inheritance, and transfer of pensions in the event of one of us dying.
If I sell it after getting married will I still be entitled to capital gains tax relief for the period (14 years) that I lived in it as my sole home or will I lose this and it be considered a second home/rental property for the whole of my ownership and therefore subject to CGT for the full gain?
I am having to sell the house in the next few years to redeem my mortgage because I will have reached my mortgage providers upper age limit (65 years). Is there a mortgage provider prepared to lend to an older person with only a small pension as income. The rent is 5 times the mortgage payment and is my main income. I have an interest only BTL mortgage for about one third of the property’s value (£450,000).
If anyone knows of a way around my not having to sell I would be very appreciative to hear about it.
Many thanks
Jeff
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Member Since February 2011 - Comments: 3444 - Articles: 286
18:33 PM, 11th October 2016, About 9 years ago
Hi Jeff,
Not all bad news and congratulations 🙂
You will still be eligible for PPR relief on CGT. Please see >> https://www.property118.com/capital-gains-tax-relief-on-a-property-you-have-lived-in/
Also there are quite a few BTL lenders who will go to maximum ages of up to 80 and one even no max.
If you would like help finding a replacement remortgage please email my partners for help on [email protected]
sally lloyd
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Member Since July 2013 - Comments: 36 - Articles: 1
8:28 AM, 12th October 2016, About 9 years ago
I remember a while back somebody saying that you van now get equity release on btl properties. Is that product still about if so could it ne used to pay off the mortgage.
Puzzler
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Member Since July 2013 - Comments: 1262 - Articles: 1
19:30 PM, 12th October 2016, About 9 years ago
You could sell now or talk to an accountant because there is a formula. Precise Mortgages would be a good bet, I think they’re broker only. I just took a 35 year term in my fifties with them.
Kate Mellor
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Member Since November 2015 - Comments: 566
13:22 PM, 13th October 2016, About 9 years ago
I’d contact a good broker as they will offer you a selection of the best options and help to present your finances in the correct way to maximise chances of acceptance (or prevent you wasting money on valuations with lenders who will turn you down on finances). They’ll also open doors to lenders only available through brokers. Make sure you use a BTL specialist.
As others have said, in the last 12 months or so many more options have become available for older landlords. Paragon is another lender who will lend up to 85 yrs.