Remortgage investment property

S

shelley levine

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I'd appreciate some advice on this.

If I remortgage an investment property that is currently mortgage free, can the interest be claimed as a business expense against rental income?

Or is it only interest on a mortgage used to buy a property ast inception that can be claimed?
 
What us the “purpose” of the loan? Is it to refurbish/renovate or rebuy another rental property?
 
I owe money to hse for fair deal. Asset the charge is on isn't selling. So I was thinking of taking a mortgage out on the investment property and clearing the fair deal bill. I'll owe money either way but mortgage interest would be lower than what hse will charge and If the interest is an allowable deductible expense against rental it makes sense to do it.
 
The interest on the loan wouldn't be deductible in that scenario - the mortgage must be used to purchase, improve or repair the rental property.
 
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