Funding a BTL by a Mortgage on my home - 20% tax relief?
I am considering buying a further BTL property and raising the funds to buy outright by taking out a mortgage on my home. I will then become a cash buyer and hope to bag a bargain (if poss!).
My question is, would the interest payments on the mortgage I take on my home become valid to offset against income? I am a lower rate tax payer and understand the S.24 rules do still allow up to 20%.
Any thoughts would be greatly appreciated.
Want to read more?
This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.