Hi all,
If anyone could advise on this I would be very grateful.
We have a mortgage on the house we live in. We intend on buying a BTL. We have savings of approx. 80% of the price of the BTL. If we choose to use our savings towards buying the BTL (rather than paying off our mortgage on our own house and taking out another mortgage for the BTL) can we declare the interest value (as it is on our own mortgage) on the tax return as an expense for the BTL to reduce declared profit.
As far as I see, we would be foolish not to but i'm not an accountant and fairly new to the BTL game.
Thanks,
Steven
If anyone could advise on this I would be very grateful.
We have a mortgage on the house we live in. We intend on buying a BTL. We have savings of approx. 80% of the price of the BTL. If we choose to use our savings towards buying the BTL (rather than paying off our mortgage on our own house and taking out another mortgage for the BTL) can we declare the interest value (as it is on our own mortgage) on the tax return as an expense for the BTL to reduce declared profit.
As far as I see, we would be foolish not to but i'm not an accountant and fairly new to the BTL game.
Thanks,
Steven