tax relief on new loan from BTL

[gullarm]

Im looking at taking out a further advance or depending on the current deals to re mortgage one of my buy to lets to pay for an extension/loft conversion on my current property.

Will I be able to claim these extra funds as tax relief?

I took out a loan around 3 years ago to pay for my wedding from one of my buy to lets and have always ignored this amount from the tax calc. It wasn’t a vast sum in the scheme of things but the new loan may be around 40K – 50K and to be able to have the tax relief on this would be a big bonus.

If this isn’t possible the money may as well be taken from my current house.

Many thanks.

[Telometer]

Claim tax relief on a mortgage of size up to the value of the property when first let.

[TaxationPete]

As you have several B2L's then it is only restricted by the sum of all the rental properties when 'first let'. Any mortgage outside that value will not be deductible. If you are close to the limit you may have to have the properties individually valued at the first let date. Regards Peter