I bought a house around 24 years ago and lived in it for 3 years, after which I have been letting it since. There is around £50K of mortgage to be paid off, with the mortgage end date within the next 12 months. The house is worth around £400K. My question is: would I pay more tax if I pay the mortgage off first from my savings and then sell the house, or should I sell the house and pay the mortgage off with the sale proceeds if that would reduce my tax bill.
I hope I have explained my query well enough. Looking forward to your response!