Hello
Would like some advice please. I brought an investment flat 7 years ago for £112,000 with a £20k deposit and took out a buy to let mortgage interest only. I am thinking of switching the mortgage to a repayment which means I will own the flat in 18 years time. I have to top up the rental income as it won't cover the new mortgage. Currently there is no increase in the flat's value since purchase and if anything its gone down in value. I've never lived in the flat either. How much capital gains tax will I have to pay?
Many thanks.
Would like some advice please. I brought an investment flat 7 years ago for £112,000 with a £20k deposit and took out a buy to let mortgage interest only. I am thinking of switching the mortgage to a repayment which means I will own the flat in 18 years time. I have to top up the rental income as it won't cover the new mortgage. Currently there is no increase in the flat's value since purchase and if anything its gone down in value. I've never lived in the flat either. How much capital gains tax will I have to pay?
Many thanks.