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Where Taxpayers and Advisers Meet

Early Redemption of my residential mortgage - tax-deductible?

kad1234
Posts:1
Joined:Mon Aug 09, 2021 8:42 am
Early Redemption of my residential mortgage - tax-deductible?

Postby kad1234 » Mon Aug 09, 2021 8:47 am

Hi,

I am in a situation where I live in a flat that cannot be remortgaged or sold and I'm moving out. I would like to put the property on the market. My lender has refused to give CTL.

What I can do though is redeem my residential mortgage paying around £5,500 in early redemption fees, which will then allow me to rent out my property without breaking any obligations.

Would that £5,500 paid be considered an expense against my proceeding property rental income?

Thank you

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Early Redemption of my residential mortgage - tax-deductible?

Postby pawncob » Tue Aug 10, 2021 11:19 am

https://www.which.co.uk/money/tax/income-tax/tax-on-property-and-rental-income/buy-to-let-mortgage-tax-relief-changes-explained-atnsv0j6j782
With a pinch of salt take what I say, but don't exceed your RDA


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