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Rental property - mortgage interest relief

  • Member PM.Dip
  • Practice Licence
  • 11 posts
  • # 118853

Hi I have a private client with a rental property - have done the usual expenses against income etc .  However with the mortgage interest reflief the funds were borrowed as a second mortgage on the main family home (flat purchased for daughter but let out commercially for now) rather than as a separate buy to let mortgage or equivalent - my question - can they claim relief on interest on second mortgage ?

Thanks

Jane

  • Member
  • Practice Licence
  • 8 posts
  • # 118858

 

As the flat is let out and she is collecting rental income then yes you can claim relief on mortgage. However you need to claim the correct amount of interest as per Section 24 depending on which tax year it relates.

 

Kind regards

 

Zaheda

  • Member PM.Dip
  • Practice Licence
  • 11 posts
  • # 118859

Thanks for that Zaheda

  • Member
  • 4 posts
  • # 118975

Zaheda said:

 

As the flat is let out and she is collecting rental income then yes you can claim relief on mortgage. However you need to claim the correct amount of interest as per Section 24 depending on which tax year it relates.

 

Kind regards

 

Zaheda


 Hi Zaheda

I am new to this but hoping you can help, I have a client who has a rental property left to them in the will, but has not yet gone to probate.

The property is being rented should they fill in a NLR1 form?

Stevie

  • Member
  • Practice Licence
  • 6 posts
  • # 118976

It would depend on which property the second mortgage was taken out on, and if it was a buy to let mortgage that was taken out.

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