This is a let to buy question, rather than a buy to let:
Scenario:
* Mortgage exists on current property;
* Plan is to remortgage (interest only repayments) on a let to buy basis to release equity to use as a deposit on another property;
* The original property will, obviously, be let for rental income
Question: Is the mortgage interest payment on the remortgage an allowable deduction from the rental income in computing the income tax liability?
Scenario:
* Mortgage exists on current property;
* Plan is to remortgage (interest only repayments) on a let to buy basis to release equity to use as a deposit on another property;
* The original property will, obviously, be let for rental income
Question: Is the mortgage interest payment on the remortgage an allowable deduction from the rental income in computing the income tax liability?