Interest relief and tax implications when buying and keeping

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markn

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I am looking at moving and keeping my existing property. The new mortgage will be around 650K and the existing mortgage is 300k. The house was bought 6 years ago. My understanding is that I get mortgage interest relief for another year on the rented property and for 7 years on the new one. I will get around 1200 rent. My understanding is that I will have to pay around 200 in tax on this (1200-800(interest amount)X.42). But will get around 100 in interest relief on the rented property. Does this sound right?
 
Re: interest relief and tax implics when buying and keeping

You only get mortgage interest relief on your primary residence - have a read of this revenue faq [broken link removed]

Many of the issues relating to keeping your house & buying another are covered in this key post http://www.askaboutmoney.com//showthread.php?t=6216
 
You can offset other expenses against the profit before paying tax

see [broken link removed]
 
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