Mortgage interest is the interest charged on a loan used to buy a house or a flat.
If you’re renting out a buy-to-let property and earning rental income, you can claim a portion of your mortgage interest as costs, and pay less tax. Starting on April 6 2020, you’ll be able only to claim a flat 20% tax credit instead.
You can use this rental income tax calculator if you want to get an estimate of how this impacts you.
Hey there! We really hope this article helped you. Tax matters can be a dreadful topic at times. We know. That's why we started TaxScouts.
A stress-free way to getting your taxes done.
Have a minute? See how it works