I started a thread a while back about claiming mortgage interest as an allowable expense on our rental property, bearing in mind that the remortgage was on our main residence and not on the rental property. I have since found some documentation BIM45685 which states that 'a loan need not be secured on the actual asset to be qualifying' which is great.
However, the rental property was purchased in my name as I am a lower rate taxpayer, but the remortgage is in the joint names of both myself and my husband.
I believe that I can declare all the rental income as the property is in my name but am unsure as to whether I can claim all the remortgage interest or whether I can only claim 50%. Advice or documents to assist would be gratefully received.
Also, I was told inititially by our financial advisor that there would be many allowable expenses to claim, but currently the mortgage interest and a recent repair are the only things I have as allowable expenses. The property is let by a third party who doesn't charge fees but pays me a guaranteed income each month. The tenant pays for all utilites and council tax, and apart from a recent repair, I seem to have no additional costs to offset. Am I missing something?
