Thursday, January 15, 2009

Buy-to-let tax advice - Finance costs

Many landlords will have taken out a mortgage or remortgaged a buy-to-let property as part of running their letting business.

Can I claim the costs of a mortgage or remortgage?

The costs of obtaining finance for a landlords letting business are a legitimate expense in running a landlords letting business.

The following therefore are legitimate costs in obtaining finance for a landlords letting business.

  • legal costs in securing a new loan such as conveyancing costs incurred in a remortgage
  • buy-to-let mortgage brokers commission
  • valuation fees associated with buy-to-let mortgage
  • fees paid for set up of buy-to-let mortgage

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2 comments:

  1. AnonymousJanuary 30, 2009 at 12:19 PM

    Hello

    I have a existing BTL property that I have just remortgaged to a different building society without increasing the loan. I would like to know as a landlord what costs I can claim back against tax from the list below.

    New mortgage building society valuation survey fee
    Mileage to meet surveyor for valuation survey
    Telegraphic transfer fee to redeem existing loan
    Title documents copy fee
    Arrangement fee
    Application fee
    Transfer funds to Optima Legal fee
    Landlord administration fee
    Exit fee from previous mortgage company

    Thanks in advance

    ReplyDelete
  2. TAXlationJanuary 30, 2009 at 12:47 PM

    All of them as long as they relate wholly and exclusively to a property being let out on a commercial basis.

    ReplyDelete