I'm thinking of renting out my home and purchasing a new one.
My current house will be mortgage free but I need a mortgage to buy the 2nd house.
If I just take out a 2nd mortgage for the new house, I can't get Mortgage Interest Relief on the rental, as there is no mortgage on it.
However, if I re-mortgage my current house to buy the new one, can I then claim Mortgage Interest Relief when I rent it out?
Hope this makes sense!
My current house will be mortgage free but I need a mortgage to buy the 2nd house.
If I just take out a 2nd mortgage for the new house, I can't get Mortgage Interest Relief on the rental, as there is no mortgage on it.
However, if I re-mortgage my current house to buy the new one, can I then claim Mortgage Interest Relief when I rent it out?
Hope this makes sense!