MrBlobby
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Rental Income - Mortgage interest deductability?
I rent out my property. It was my residential property, however, it is let out whilst I am travelling (received "consent to let" from my mortgage provider). Is the interest element of my mortgage payments deductible for tax purposes? If so, what section of the self assessment do I disclose this information? I believe I am entitled to a 20% tax credit. Second question - the bank charge me extra 0.5% of interest whilst the property is let out. Do I have to distinguish that from the total mortgage interest?