Paying off mortgage to buy second one
Hi, I am planning to pay off mortgage on my existing property and buy second property -bigger than the existing one - on mortgage. I was told that I would need to pay tax on my rental income from my first property. What would be the best way? Would I better off 1) Keeping the existing mortgage and get another one to buy second? 2) Can I get two mortgages? 3) What is the best way to have two properties?
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