Parminder Panesar

Registered with Property118.com
Sunday 22nd June 2014


Latest Comments

Total Number of Property118 Comments: 2

Parminder Panesar

15:53 PM, 22nd June 2014
About 5 years ago

Remortgage Interest Allowable Expense

Reply to the comment left by "Mark Alexander" at "16/06/2014 - 19:31":

Mark

The overall cost is lower as getting a BTL mortgage would have been around 5% whereas I was able to secure a 1.89% mortgage on the new house.

The only reason I took a mortgage on the home was so I could keep and rent out the old house. Is that not sufficient to show that it was for the rental business. I discussed this with a broker at the time and after going through the figures we opted to take the mortgage on the new house.

At present I am financially better off with the mortgage on the new house but if rates increase it may be worthwhile getting a 5 year fixed BTL.

Thanks... Read More

Parminder Panesar

6:22 AM, 22nd June 2014
About 5 years ago

Remortgage Interest Allowable Expense

Mark

My wife and Moved home 4 years ago. We decided to keep our old house and rent it out. We raised a mortgage on the new house as it worked our t cheaper than a buy to let on the old. The only reason we have mortgage on the new house is so em could keep the old one and rent it out. Can we claim the tax relief on the interest. We rented the old house almost immediately after we moved in the new one.... Read More