Tax on three rented properties caluclating mortgage interest

maggiecon

Hi

I have searched on here but cant find the answer to my question and was hoping someone could advise me.

In a nutshell I own three properties. 2 flats owned outright and a house with 125k mortgage. All three are rented out.

I get £100 per week for the house however the interest on the mortgage is about £120 per week. Can I off set this £20 against the other flats income.

In other words is it your total income from rent minus your total interest on mortgages or do you have to consider each property individually.

Please help have to get tax return done by this weekend.

CLAPTON

you can offset the interest on a mortgage against all your properties' rental income... you don't have to offset against each property individually.