Mortgage interest

Mortgage interest

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My client has a property which he purchased on a flexible interest only mortgage of £500K - the property has never been let.   He can repay capital or draw down capital during the length of the mortgage. Over the 12 years of ownership he has repaid £400K leaving a balance today of £100K. He now wishes to let the property and also wishes to draw down the £400K bringing the mortgage back to £500K. If he does so...... is the interest on the whole £500K mortgage claimable against the residential letting profits? 

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By User deleted
06th Mar 2015 12:53

What is the current value of the property?

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