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Can I offset my mortgage.....?
chriskaf
Posts: 8 Forumite
Hello
If I have a flat which I am renting out and have no mortgage on, is it possible when completing my self assessment forms to offset the interest on the mortgage for the property I am currently living in thus saving me money on my tax bill?
Thank you in advance.
If I have a flat which I am renting out and have no mortgage on, is it possible when completing my self assessment forms to offset the interest on the mortgage for the property I am currently living in thus saving me money on my tax bill?
Thank you in advance.
0
Comments
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in a word - No
your existing mortgage is not connected to your rental busoness and therefore accanot be offset.
To make a connection you would have to remortgage the rental flat - you could then use that money to pay off the mortage on your other property - ie it does not matter what you do with the money borrowed against the rental property, only the fact that it is a debt against the rental business0 -
Thank you for the response0
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