Hi,
I've got a fair amount in cash sitting in my LTD company not doing much.
Can I use my company to loan me a chunk to pay off a personal buy to let mortgage and i pay my LTD company a commercial rate of interest each month as an interest only mortgage?
I know you can get a director's loan and pay back with interest after 18 months or so but I'm talking about long term and on a formal basis with contract etc. I'd also want to be able to deduct the mortgage interest from my income tax.
I'm totally happy to pay a commercial rate of interest to the limited company as at least the money goes back to me (minus corp tax on profits etc).
Anyone know if the above has been done successfully or not?
I've got a fair amount in cash sitting in my LTD company not doing much.
Can I use my company to loan me a chunk to pay off a personal buy to let mortgage and i pay my LTD company a commercial rate of interest each month as an interest only mortgage?
I know you can get a director's loan and pay back with interest after 18 months or so but I'm talking about long term and on a formal basis with contract etc. I'd also want to be able to deduct the mortgage interest from my income tax.
I'm totally happy to pay a commercial rate of interest to the limited company as at least the money goes back to me (minus corp tax on profits etc).
Anyone know if the above has been done successfully or not?
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