Iam getting married at the end of the year and plan to move in with my soon-to-be wife. I have two tennants on the rent-a-room scheme but come next year I'm going to get a third in and pay tax on my rental income.
I read in a thread here recently that in order to deduct mortgage interest from reckonable rental income, I would have to tell my morgtage lender to stop my TRS, but that the lender could then turn around and reassign my mortgage as an investment mortgage and change the terms. My mortgage is a tracker so I really don't want this to happen!
Has this happened to anyone reading this?
I read in a thread here recently that in order to deduct mortgage interest from reckonable rental income, I would have to tell my morgtage lender to stop my TRS, but that the lender could then turn around and reassign my mortgage as an investment mortgage and change the terms. My mortgage is a tracker so I really don't want this to happen!
Has this happened to anyone reading this?