Loan & tax implication for this property purchase

So here's my situation: I've been looking for my next OO property with plans to turn the current home to IP. Target was to settle by Feb, as I have some commitments from March. I'm in early negotiation for one now, but not expecting to settle in 4 weeks, so I'm considering to stay in my current home for a few months (and maybe rent the new one out until i can move in?).

I've read similar posts here, but still a bit confused about the tax and loan implications. Can I still structure my loan as OO since I intend to live there? Or should this be Investment loan? I was told I'll have to restructure loan on my current home when it becomes IP as well. As for tax, since I'm unable to move in from day 1, I can't use the 6-year CGT-exemption, but can i claim tax deductions? And any other considerations I have missed?

 

Get some proper legal advice.
You could get oo rstes

 

Thanks. Already consulting my broker and accountant, not solicitor yet.

 

Depending on lender, some allow OO rates if the intention is to move into the property within 6 - 12 months.
Not sure why you would need to restructure your existing OO loan when it becomes an IP, just becomes tax deductible without having to switch products/refi etc - I'm sure your accountant will confirm.

 

Thanks Lindsay, good to know. The loan restructure was suggested by the broker. Will check with my accountant, thanks.