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If I remortgage my current flat to a BTL mortgage whilst buying another one with a normal mortgage. Then presumably I pay the BTL 3% extra stamp duty on my current flat? So how do they decide how much my current flat is worth - what to base their calculations on? Will it depend on my lender's valuation?
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As I understand it the stamp duty at 3% extra is payable on a second property. You already own the current flat so there will be no stamp duty to be paid on the remortgage so the extra would become due on the new purchase. It may be that the extra is paid on purchases other than your principal residence in which case you wouldn't have to pay the extra.Don't take this as gospel. You could ask the Inland Rev. who are very helpful in these matters and of course your enquiry is only on the basis that you're thinking of buying another.
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sell up rob if its an out vote
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Yes. As I understand it, the extra duty is payable when you buy a second residence, regardless of what you do with it - let it, make it your primary residence, your holiday home or whatever.
The fact that you're going to convert your current property to a borrow-to-let is irrelevant. But as bix says, I'm not 100% certain about this, as my only interest in borrow-to-letters is to see them consigned to the depths of hell. |