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Buy to let mortgage tax relief.
perangusta
Posts: 14 Forumite
5 years ago we increased the mortgage on our main home to finance purchase of a flat for me to use while working away from home, when I retired 3 years ago we began to rent the flat out. The mortgage was interest only. We have now re mortgaged the property with a buy to let mortgage, this now means our main home is mortgage free, I realise tax relief is changing following the 2015 budget, however should I have been claiming tax relief on the mortgage interest payment attributable to the flat?
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Comments
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You can can claim interest relief on borrowing up to the value of the flat at the time it was introduced into the bussiness ( 3 yr ago). Interst on this borrowing is an allowable expense.The borrowing need not be secured on the property.0
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Hi
Is it possible to claim interest relief if the original equity released was used as a deposit on a residential mortgage, but then 2 years down the line that residential property re-mortgaged on a BTL?
Thanks0 -
So would not be looking for the relief for 2 yrs0
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