Hi All,
I have been renting a property for 6 years. Pre rental the property ws valued at 100k when I remorged it for 85k buy to let. I am unmarried and have a joint morgage with my partner of 125k. I have just read that I can claim upto the 100k in interest i.e. interest on 15k of the personal morgage. Does it matter that the personal morgage is joint? Also if I can claim for how far back and how do i do it?
All answers as always will be much apprecaited.
Cheers.
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Answer
After reading Tax Expert I think I've answered this for myself. As I didn't use any of the funds raised on my personal morgage to finance the buy to let I can't claim. If I'd used some of the funds as the deposit then its allowable up to the market value of the property when first let.