Are BLT mortgage product fees and ERC tax deductible??

[Casa1862]

As the title, I'm looking to remortgage with additional funds to purchase another BTL, I'll have 2 x product fees and 1 x ERC, can I claim all of this in current 2017/18 tax year?

[Sir Bagalot]

The product fees are, don't know about the ERC

[Casa1862]

Sir Bagalot said:

The product fees are, don't know about the ERC

Thanks, it's a little unclear, seems to be a cost of obtaining finance so should be allowable.... I think??

[Eric Mc]

What does ERC stand for?

[Casa1862]

Early repayment charge

[Vocal Minority]

That's a hell of a sandwich, if you need a mortgage

[Eric Mc]

Casa1862 said:

Early repayment charge

That would be an allowable cost - as finance charges related to a mortgage to finance a buy to let are allowable.

Note that, since 6 April 2017, these charges are now subject to restrictions because of the new rules that were introduced for tax years 2017/18 on.

[Casa1862]

Eric Mc said:

That would be an allowable cost - as finance charges related to a mortgage to finance a buy to let are allowable.

Note that, since 6 April 2017, these charges are now subject to restrictions because of the new rules that were introduced for tax years 2017/18 on.

Thanks Eric, hopefully I'll be able to claim back some as the ERC is £3k and the two product fees combined could be another £5k, I'm buying this month and will complete before April 18.

Edited by Casa1862 on Thursday 18th January 21:21

[-Pete-]

Vocal Minority said:

That's a hell of a sandwich, if you need a mortgage

[Casa1862]

Eric Mc said:

Note that, since 6 April 2017, these charges are now subject to restrictions because of the new rules that were introduced for tax years 2017/18 on.

Can anyone tell me or point me in the right direction as to what these restrictions are in relation to product fees for tax year 2017/18, I know about the changes to mortgage interest relief, but still unclear if I can claim a £1999 product fee and £3000 erc for a re- mortgage taken this month. I'm a 20% tax payer if it matters and the fees are solely in relation to obtaining finance for a btl.