I and my sister are in the process of inheriting our late Mother's house. If I we wished to raise capital ie Re-Mortgage say 25% of the property value to put towards the maintenance of the house and maybe towards a deposit on another for the sole purpose of letting would the interest on the re-mortgage /loan applicable to the inherited house be offsettable against tax.
Or would it as I suspect be only be offsettable against a new venture, ie different property that was indeed purchased by ourselves.
We would welcome your comments please.
Regards
MikeL
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