W
WestBrit
Guest
Hi,
I have read on these threads that if a mortgage is ‘topped up’ prior to letting a house, the interest on the topped up amount is not allowable as a rental expense. However, just want to clarify this.
We are looking to rent out our existing house and move to a larger house ourselves. Here are the details on the existing house:
Current value: €400k
Original price: €295k
Original mortgage: €265k
Current mortgage: €240k
We are planning to increase the mortgage on the existing house and change it to interest only – is the interest allowable based on the original price, original mortgage or current mortgage amount?
I guess it’s the current mortgage amount but thought I’d just check!
WB
I have read on these threads that if a mortgage is ‘topped up’ prior to letting a house, the interest on the topped up amount is not allowable as a rental expense. However, just want to clarify this.
We are looking to rent out our existing house and move to a larger house ourselves. Here are the details on the existing house:
Current value: €400k
Original price: €295k
Original mortgage: €265k
Current mortgage: €240k
We are planning to increase the mortgage on the existing house and change it to interest only – is the interest allowable based on the original price, original mortgage or current mortgage amount?
I guess it’s the current mortgage amount but thought I’d just check!
WB
ah well