Entries (RSS)Mortgage interest on a buy to let mortgage is not always tax allowable
A buy to let mortgage is typically taken out at the time the property is purchased. As such it falls within HM Revenue & Custom’s guidelines of an expenses needs to be “wholly and exclusively” for business purposes to be tax allowable.
However, if you were to draw additional funds on the mortgage eg for a holiday that element of the interest would not be tax allowable. That is because what is relevant is not whether it is a buy to let mortgage but what the funds will be used for.
If you draw on a buy to let mortgage for a non property related expense the interest on that part of the loan would not be allowable.
To see further property tax information please see here
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