Tax implications of remortgaging home for a deposit on a BTL

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Jerry777
    replied
    That's great, thank you both very much for your replies!

    Leave a comment:


  • Gordon999
    replied
    You should keep some documentary evidence to show the mortgage loan money raised on house was applied towards purchase of the BTL property.

    Leave a comment:


  • jpkeates
    replied
    Yes, provided the loan is for the purposes of the business, it's a business expense.

    Leave a comment:


  • Tax implications of remortgaging home for a deposit on a BTL

    Hi

    I would be grateful if anyone could help with this query.

    I am remortgaging my home to raise a deposit for a BTL property, and I wondered when I submit my SA tax return, if I would be entitled to a tax credit for the interest on the residential mortgage in the same way as the interest on the BTL mortgage?

    For example if the interest part of the residential mortgage is £5k p.a. and the interest on the BTL is £10k p.a., would I be entitled to a tax credit of 20% of £15k = £3k, or 20% of the £10k only = £2k?

    Thanks very much
    Jerry

Latest Activity

Collapse

Working...
X