ERC tax treatment
Hi all... I have an existing BTL through Virgin Money with an ERC through to 2023. I have a good amount of equity in the property with an LTV or around 30%. I want to draw down some additional funding to fund a deposit on an additional property, but Virgin have said extra draw down is a remortgage and the ERC will be due (and I assume will trigger a new Product Fee).
I assume others have experienced this and I'm not getting bad advice but is the ~ £2,200 ERC tax deductible, I believe Product Fees are?
Want to read more?
This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.