Remortgage / Bank Loan
One of our clients rents out 2 properties and wants to renovate a third.
They approached the bank who have given them a remortgage on their own home as an interest only mortgage to the value of X
They had outstanding loans with the same bank so the bank deducted the outstanding and deposited a balance of Y in their account.
They will be using Y to renovate the third property.
Am I right in thinking that because the remortgage is on their own home that I cannot claim any of the interest back as an allowable expense on the self assessment?
Any help much appreciated.