As I said above. And bear in mind when converting a PPR to an investment property only interest on the amount originally used it purchase or renovate the property outstanding at that point can be set against rental income. Lots of people think that you can raise a load more cash from the rental property and then write off the interest. This is NOT the case.Alrightly then - Revenue got back to me. With allowances for the usual caveats that others have mentioned (not relying on Revenue and all that). Here's what they said:
Dear [Watersprite],
I refer to your query below. The Mortgage Interest paid can be offset against the rental income received. Exeptions would be interest paid on loans acquired for the purchase of fixtures & fittings.
Yours Sincerely
North City PAYE
Yes - unless the extra money raised was used to purchase or renovate the investment property.Do you mean Clubman if we remortgaged to raise more cash ?