Is Life Assurance for Buy-to-Let mortgage debt an allowable expense?Make Text Bigger
My husband and I have a life-assurance policy to cover our buy-to-let mortgages in the event of the unthinkable. The amount it will pay out each year decreases with the decreasing debt as it is reduced through capital repayment mortgages. We pay monthly premiums for this.
Are the premiums we pay for the cover an ‘allowable expense’ to be offset from any rental income?
Common-sense tells me it should be (it doesn’t cover any personal debt).
Anyone know the answer to this?
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