Forum

• # 118853
• Wed 01 Jul 2020 09:48 AM

Hi I have a private client with a rental property - have done the usual expenses against income etc .  However with the mortgage interest reflief the funds were borrowed as a second mortgage on the main family home (flat purchased for daughter but let out commercially for now) rather than as a separate buy to let mortgage or equivalent - my question - can they claim relief on interest on second mortgage ?

Thanks

Jane

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• # 118858
• Thu 02 Jul 2020 05:50 AM

As the flat is let out and she is collecting rental income then yes you can claim relief on mortgage. However you need to claim the correct amount of interest as per Section 24 depending on which tax year it relates.

Kind regards

Zaheda

• Zaheda Jugoo

  www.easyfiguresbookkeeping.co.uk

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• # 118859
• Thu 02 Jul 2020 07:32 AM

Thanks for that Zaheda

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• # 118975
• Wed 19 Aug 2020 04:25 PM

Zaheda said:

“

 

As the flat is let out and she is collecting rental income then yes you can claim relief on mortgage. However you need to claim the correct amount of interest as per Section 24 depending on which tax year it relates.

 

Kind regards

 

Zaheda

”

 Hi Zaheda

I am new to this but hoping you can help, I have a client who has a rental property left to them in the will, but has not yet gone to probate.

The property is being rented should they fill in a NLR1 form?

Stevie

• Stevie

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• # 118976
• Thu 20 Aug 2020 10:59 AM

It would depend on which property the second mortgage was taken out on, and if it was a buy to let mortgage that was taken out.

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