Buy to Let mortgage and Residential Mortgage

pramsay13

I have an interest only buy to let mortgage which is due for renewal later this year.

On my own property I have 2 mortgages, one a lifetime tracker on a decent rate and the other on a fixed rate that is also due to end later this year.

Is it possible to remortgage the buy to let property, (a £120k mortgage on a £220k flat) and take out £20k to pay off the 2nd part of my own mortgage.

If so is it possible to get the tax relief on the slightly higher interest payments?

Any problems I haven't thought of?

dimbo61

Think you need to speak to your accountant as you need a clear trail to make sure you can claim the tax relief you are entitled to.
Depending on what you paid for the BTL you can I Think claim upto that amount in Tax relief.
It is now only a Tax rebate at 20% !
So speak to your accountant or employ one.