Interest relief property investment

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lopin10

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When you re mortgage an investment property,can you claim write off full interest on the new mortgage against tax returns
 
Not unless the money is used to purchase another investment property or renovate the original one. What matters is what the money is used for and not simply what property the loan is secured on. For example remortgaging an investment property and using the money to buy a PPR/home would would allow you to claim owner occupier mortgage interest relief on the interest but not set the interest against rental income on the investment property.
 
This is the situation when i purchased my investment properties i had a mortgage of €750,000 with new mortgage my loan will be €980,000 how much of the new mortgage interest can i write off against tax. I did not get a new property in this deal its a straight remortgage however with the money released i am going to buy property in UK
 
If the original €750K was used to purchase/renovate the investment property then all mortgage interest on that amount can be set against rental income. If the additional €230K (presumably secured on the same investment property?) is used for some purposes other than purchasing/renovating that or another investment property then interest on that amount cannot be set against rental income. What is the additional €230K being used for? That's what determines whether or not you can write the interest off.
 
Then it may be deductible against rent from that property so. Best to get independent, professional advice though.
 
If I purchased another investment property in Ireland could i claim the full amount of interest then
 
Yes. But the same could apply to a foreign investment property. You really need to get independent advice.
 
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