Rental income - loss made after mortgage interest

I have a shared ownership property which I have permission to rent out due to not being able to sell.
I rent a property with my family in another location where I now work.
My rental income after expenses (except mortgage interest) is showing as £4723, my mortgage interest for the year is approximately £7200 (waiting for final figure from mortgage company) which means I made a loss of approximately £2477 for the tax year.
I have read that I can only claim for 20% of mortgage interest so what does this mean for me, do I still have to pay tax even though I made a loss?
I am employed and am a higher rate earner.

Hi Charlotte Flem,
Unfortunately, we are unable to provide specific advice tailored to individual circumstances on this forum.
This forum is for general queries only and is intended to help you self-serve.
So in general terms from April 2017 the tax relief for finance costs on income from residential property was restricted to the basic rate of income tax (as you correctly stated, 20%).
This means you cannot deduct all of the finance cost for mortgage interest from the property income but instead will receive a basic rate tax deduction from it.
Your whole income would need to be considered to calculate tax due but based on the information provided it would be likely there would be tax to pay.
Guidance is available at:
Tax relief for residential landlords: how it's worked out
Work out your rental income when you let property
Thank you.