Is it possible to obtain a mortgage on a second house with some way utilising the equity in the first house as a deposit?
Furthermore, suppose that you and spouse own 2 houses in joint names [you live in one, she lives in the other], - are the CGT implications different in the following 2 scenarios:
1] you sell both houses, and buy another house, and 2] you sell one house and both parties live in the other.Any advice that may stop me getting nailed is very welcome :-)
Cheers
Husband and wife can only have one PPR (Principal Private Residence). If you have more than one PPR, then you can nominate which one is your PPR. There is a 2 year time limit to nominate from the date of acquisition of the second property. You can change your nomination (which can be retroactive for up to 24 months) as many times as you like.
The Inland Revenue's Help Sheet IR283 gives more details on "Private Residence Relief".
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