loan or mortgage

[cmb]

Hello, I have a rental property the endowment mortgage finishes middle of March 2010 there is a shortfall of £6,000 to £8,000 should I take another mortgage out on the property for the shortfall amount, or take out a personal loan, as regards the loan would I be able to able to offset the interest part of the loan against tax?

[Telometer]

If the loan is wholly and exclusively for the purposes of the letting business, then the interest costs are tax deductible.

Keep your paperwork that shows the redemption of the 8k mortgage and the simultaneous taking out of the 8k personal loan.