Hi All,
I have a property which used to be my main residence & is now rented out. The interest on my mortgage is offset against the rental income
If I were to remortgage in order to buy a 2nd BTL property, would I be allowed to offset the increased interest
a) against the rent for the first property
b) the second property instead, or
c) no income at all
In message of Sat, 19 Jul 2003, AC writes
None of those (exactly). The interest on the total mortgage can be set off against total rental income. You don't calculate profit separately for each property, it is pooled. Take a look at your Tax Return boxes
5.20 to 5.29DF
Thanks
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