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PPR in single name but purchasing BTL in joint

iazms
iazms Posts: 76 Forumite
in Cutting tax
Hopefully last IR question..Planning on borrowing money on the PPR which is in sole name to fund a BTL which will be in joint names with the spouse. Can interest relief still be made on the whole amount borrowed or just half of it?

Thanks

Comments

  • silvercar
    silvercar Posts: 50,718 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Not sure on this. My gut reaction is that it should be OK as its the purpose of the loan that counts, but I don't know for definite.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    I think what you mean is that you are securing a loan on your PPR in order to buy a BTL. If this is the case, it doesnt matter what the security is, its what you are buying that matters. As silvercar says, if the loan is to buy the rental property, then relief is doe on the interest paid against theletting income.
    £705,000 raised by client groups in the past 18 mths :beer:
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