Mortgage Interest against Rental Income

M

magpie09

Guest
Hi,
I'm a newcommer to tax returns so would appreciate any help with this. We bought a house 2007 but kept the old house to rent out. There is still a mortgage on the old house but we got an equity release mortgage on to buy the new place. I know I can claim for mortgage interest on the original mortgage but am I entitled to put the interest on the equity mortgage against rental income, eventhough it was used to buy the new place?
I hope thats not too confusing.
 
The simple answer is no I'm afraid. You can only offset the original mortgage value of the house against the tax.