Rental property and expenses
Rental property and expenses
Author
Discussion

knk

Original Poster:

1,344 posts

301 months

Tuesday 23rd April 2013
quotequote all
Property A, currently my residential property. £260k mortgage outstanding on a £350k house (with savings offsetting almost all the interest).

If I buy a new house with say £350k borrowing, paying off the outstanding mortgage on property A, which I then let out, can I offset the interest on 260/350ths of my residential mortgage on house B against income on house A?

As I understand it that is allowable; it matters not what the load is secured on, simply that it is used for the let property and is less than the value of the asset when first let out.

Thanks for your advice. Eric Mc thanks in advance as you so kindly seem to give good clear advice to all on these matters.

kam

sumo69

2,164 posts

250 months

Tuesday 23rd April 2013
quotequote all
The answer is yes

..and Eric isn't the only Chartered Accountant offering free advice.

David

knk

Original Poster:

1,344 posts

301 months

Tuesday 23rd April 2013
quotequote all
Thanks David. I am sure we are all grateful for your advice also.

Kam