This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

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:4753
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


Return to “Property Taxation”