Tax relief on loan interest for retrospective property purchase

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S
Silversurfer 2015
52 Posts
14 Thanks
Tax query for anyone who can help. I recently scraped together the cash for my last BTL outright purchase as I needed to buy it in a hurry to clinch the deal and also being on a company let therefore normal BTL loans would not have been available. I have since been offered a very good interest-only loan if I mortgage my own house (curently no mortgage at all) and the mortgage broker is willing to pay for all the loan set up costs by forgoing part of his commission. The amount of the loan will be slightly less than the cash price I recently paid for the investment property. The question is this - CAN YOU PAY OUT CASH FOR AN INVESTMENT PROPERTY FIRST AND THEN GET THE LOAN ARRANGED AFTERWARDS? AND IF YOU DO IT THIS WAY ROUND, IN EFFECT, PUTTING THE CART BEFORE THE HORSE, THEN WILL THE LOAN INTEREST STILL BE TAX DEDUCTIBLE AGAINST THE RENTAL INCOME OF THE INVESTMENT PROPERTY?
07/06/2015 13:08

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