We own two properties but live in a rented house. Would that affect care funding?
We are concerned about what would happen if one of us needed to go into residential care
Q We own two properties and have about £250,000 in equity spread across both. We rent out both properties and they are in a different part of the UK from where we live. We rent the house that we live in and have been here for 15 years.
I know this is not a tax-efficient way of living but we are happy to pay tax on our rental income each year, and we absolutely love where we live, not least because the rent is cheap. If possible, we would like to continue living here for the rest of our lives. However, once we retire we will rely on our property income to help pay our own rent.