For all those landlords out there. Prices are on the rise again.  There are two things to watch out for if you use your BTL properties as piggy banks:

  1. Remember that if you remortgage your property abovethe value of its original COST, then you will not be able to claim the mortgage interest as an allowable expense if you use the cash for personal reasons (buying a flash car or going on holiday for example)
  2. Remember that the CGT payable when you sell a property that has risen in value is based on the ORIGINAL cost of the property.  If you have extracted value by remortgaging then as well as having 1. above to worry about you may end up in a situation where the CGT is greater than the equity in the property.  There are some mitigations in some circumstances.  Don’t leave it too late to plan your strategy.  Property investment is a long game.

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