Rental property and expenses

[knk]

Property A, currently my residential property. £260k mortgage outstanding on a £350k house (with savings offsetting almost all the interest).

If I buy a new house with say £350k borrowing, paying off the outstanding mortgage on property A, which I then let out, can I offset the interest on 260/350ths of my residential mortgage on house B against income on house A?

As I understand it that is allowable; it matters not what the load is secured on, simply that it is used for the let property and is less than the value of the asset when first let out.

Thanks for your advice. Eric Mc thanks in advance as you so kindly seem to give good clear advice to all on these matters.

kam

[sumo69]

The answer is yes

..and Eric isn't the only Chartered Accountant offering free advice.

David

[knk]

Thanks David. I am sure we are all grateful for your advice also.

Kam