My wife owns 7 residential rental properties which we rent out. Over a period of time we secured mortgages on our main (where we live) property for the purpose of buying said rental properties. My question can my wife put the mortgage interest in her tax return for mortgage tax relief? even though the mortgages are on our main residence and the loan is in both our names. My understanding is that we can as they were taken out for each rental purchase and all income goes to my wife, therefore tax follows income. Help welcome
Province/Country relating to question: Scotland, United Kingdom
Yes, if you have extended your mortgage on your main home in order to purchase property to let then your wife can claim the mortgage interest relating only to the part of the mortgage incurred on purchasing the rental properties.
Super fast answer thanks. Just to clarify she can claim all interest on mortgage sums that relate to rental property, even though mortgage in both of our names.
CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax