Tax relief on BTL refurbishment/finance costs

[hotcurry]

We have bought a house for £135,000, before we had sold our morgage free
house, which is on the market for £90,000. Long story short, our buyer pulled out at the last minute.
Now we are looking at letting the property for £495 PCM, we need £15,000 cash for repairs etc.
What are our options re. remortgage and tax relief?
Any other advice would be most welcome as we have never been in this situation before and it's quite scary!

[King_Maker]

The interest on any loan to finance repairs for a rental property is deductible from the rent.

[TaxationPete]

Note King-Maker said 'any loan'. For 15K a re-mortgage may be expensive, shop around for perhaps a three/five year bank/society type loan may be more appropriate. The interest is still deductible as the loan is wholly and exclusively for your rental business. Regards Peter

[Telometer]

Just beware that not all banks will let you have a personal loan for a rental property.

I tried to borrow some money from HSBC two years ago, and was told that spending it on property was not acceptable. Anything that disappeared - holiday, car etc., was fine, but not something that would continue to have value...

Work that one out!

[hotcurry]

The interest on any loan to finance repairs for a rental property is deductible from the rent.

But what if we need repaires done before we rent it out, such as new cooker as its integrated it as to be replaced even for unfurnished rental, I have been told? and our boiler as been playing up, no hot water. just gone out of waranty. so more expense. can we claime tax relief on our mortgaged property, as we dont have a mortgage on the house we intend to rent out? or should we get a mortgage on this and offset it against mortgaged property. Would we be beter off selling the house at a loss or renting out for a while? we have got no savings as we did expect to sell this house when we bought our new one, so we would of had a small mortgage.