Mortgage Advice

[deandevy]

Hi

I own a property which is currently tenanted. The property is mortgage free and I am in the process of building a house. I wish to apply for a mortgage on the tenanted house rather than have a self build mortgage.

Would I get tax-relief on this mortgage or not?

Could I get a buy-to-let mortgage on this property as it is already owned outright (my accountant did say that I could only get a buy-to-let mortgage when initially buying the house). Is this true? If not, where is the best place for interest rates for buy to let mortgages at the moment?

Thanks for your advice in advance.

Claire

[Matt Churchill]

Claire, yes you could use any interest as tax-deductable.

Unfortunately, on the second point your accountant is talking rubbish, that having been said my accountancy abilities are limited;)

You can get a BTL mortgage on the owned property. There is nothing which prohibits you getting a mortgage on a property you already own.

As far as rates are concerned, either speak with a broker, or, trawl around the web and papers.

Matt

[Poppy]

(my accountant did say that I could only get a buy-to-let mortgage when initially buying the house)
Agree with Matt. My immediate reaction was Rubbish!. What other gems has your professional accountant come up with to part you from your hard earned cash?