Increasing mortgage on a Buy to Let
This is my first post here, so please be gentle!
We have a second property which was once our home but is now rented out with a buy to let mortgage. It's currently empty, with new tenants coming in in about a month.
We want to increase the mortgage on this property to free up some capital for a further investment but my accountant says that the additional amount we borrow will not be allowable for tax purposes unless it's being used for business purposes, such as repairs or renovations.
I have no reason to doubt my accountant, but just wanted to see if there's any way around this?
Any advice will be v. gratefully received.
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.