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Finance costs for purchase of off-plan property

Finance costs for purchase of off-plan property

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We exchanged on an off-plan property in 2007. The deposit was raised from re-financing of one of our other BTL's. Can we claim mortgage interest relating to the deposit against our other income from BTL's even though the property is not yet built and therefore not yet available for letting?

Many thanks
Justine Bradbrook

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By Anonymous
21st Jan 2009 12:03

May be
If the remortgage value did not exceed the value of the property when first let and the equity is used wholly and exclusively for your rental business then yes you can claim the interest. When you remortgage what did you declare was the purpose of the loan. Regards Peter

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