I've read through the FAQ and many other posts, but I'm still a bit confused (easy done!)
Property A was PPR for c 20 yrs, primary mortgage all but paid off. Raised a further mortgage on the PPR and purchased Property B.
Property B will become PPR and Property A will be rented out.
As the mortgage is on Property A can the interest be set against the rental income? Did this not used to be the case and if it is no longer can anyone tell me when it changed?
I've read here before that you can allocate the higher mortgage to the house you have the equity in (remortgage?) to set rental income off against this. I don't know what the situtation is in relation to M.I.R on B, presumably it's allowed. I'm only going on memory maybe somebody with more knowledge would care to comment...I'm considering a simialr situation myself.