Hello,
Last year I have aquired a BTL property. At the time of buying it, the bank would not lend against it due to its condition, so I went ahead and remortgaged my own home drawing £110000 out of it in order to purchase BTL property. Main residence mortgage was repayment type mortgage, declared for the purchse of investment property.
BTL cost £79k, refurbisment costs were approx £20K. there was clear transaction chain from remortgaging bank to me then to my solicitors then used for the purchase of BTL.
Interest on this remortgage comes to approx £400 per month. Can I offset this as a finance costs for my BTL business. I am aware that only 20% of it is deductible.
Many thanks
Andre
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