remortgage to pay another house off

amjad171

I have 2 houses one on a BTL and the other which I live in on a residential.

The BTL has a 50k mortgage and the property value is around 90k. Would I be able to take out say 20k on this house to pay off a lump sum towards my main residential house? The plan is to pay off my house I live in as quick as possible and then look at the BTL house.

Is this possible and would the bank let me borrow 20k?

Thanks

payless

interest on this extra borrowing will not usually count as a allowable expense when calculating tax duon rental income

Is your B2L rate lower than residential rate ?

amjad171

The BTL is lower.

I don't quite understand what you mean with regards to the extre borrowing interest counting as an allowable expensewhen calculating the tax return.

Apologies if being thick

payless

Are you declaring rent for tax purposes.. if so I assume you are also deducting the interest on the B2L as an expense

( if so the increase will not usually be allowable deduction)