Apologies in advance if I’m asking some stupid questions here.
My situation is myself and my husband own a house worth around 200-210k. There is no mortgage on this house and we have it rented out with great tenants in place.
Our PPR is a house with a mortgage of around 190k and worth around 250k. We’re coming to the end of a 3 year fixed term and we’ll be looking around at what our options are in terms of getting a better rate soon.
My question really is: would we be better off having the mortgage on our rental property rather than our PPR as we could then claim mortgage interest as an expense against our tax? Is this something a bank is likely to consider? Would higher interest rates on BTL mortgages wipe out any savings we might make?
Again, sorry if these are all stupid questions. Would appreciate any advice.
My situation is myself and my husband own a house worth around 200-210k. There is no mortgage on this house and we have it rented out with great tenants in place.
Our PPR is a house with a mortgage of around 190k and worth around 250k. We’re coming to the end of a 3 year fixed term and we’ll be looking around at what our options are in terms of getting a better rate soon.
My question really is: would we be better off having the mortgage on our rental property rather than our PPR as we could then claim mortgage interest as an expense against our tax? Is this something a bank is likely to consider? Would higher interest rates on BTL mortgages wipe out any savings we might make?
Again, sorry if these are all stupid questions. Would appreciate any advice.