13:37 PM, 14th May 2015, About 7 years ago 13
Back in 2005 I remortgaged my residential home and bought 2 BTL properties, the amount remortgaged was £130,000 and the interest rate was 5.95%. Therefore there was an additional annual cost to me of £7,735.
I have since sold my residential house and moved, in fact moved twice since and now have a residential mortgage with a different provider.
I still have the BTL properties and offset the rental income against the mortgage interest, legal and professional costs etc.
I am wondering whether my initial remortgage loan interest charges back in 2005 of £7,735 should also have been used in the offset calculation?
If so, for how long could I have used this amount to offset the BTL income and would I continue to use the rate of 5.95% as it was back in 2005.
For the first 8 years the BTL properties never made any profit, however they are starting to now since moving mortgage providers and achieving better rates, so those profits are being offset against the earlier losses.
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