Calculate interest deduction on equity release

[Maz]

Hi,
I bought a house in 1996 for £58,500
I have since been lucky enough to release £127k equity from the house.
I have bought 2 other buy to lets using £27k as deposits. The rest has not been reinvested into Property.
In working out my tax deduction allowed is the following the right way to calculate it?
The current mortgage is for £148,500.
Original price £58,500 plus £27,000 reinvested = £85,000.
One percent of £148,500 is £1,480
£85,000 divided by £1,480 = 57.5
Therefore I can only claim 57.5% of the monthly mortgage payments for the property.

I am getting proffessional help, but would like an idea whilst I am getting my accounts together of if I am heading for losses or profit.....

Many thanks in advance to anyone who can steer me in the right direction.

[Graham1]

I was hoping u had a reply from an accountant, as this subject also interests me.

I recently read that in this situation the release amount relates to the property one releases the money for ,not the property with the equity, and this has to be proved via a paper-trail.

One would have to split the mortgage interest to show the two amounts.

It does sound logical however I am not sure about this (cannot find the article), and would appreciate confirmation.