Can you offset rental income against a mortgage?
You will no longer be able to deduct any of your offset mortgage expenditures from rental income to lower your tax burden as of April 2020. Previously the landlords could include mortgage interest into their expenditure together with other property maintenance costs but now they can not do the same due to tax reformation. Now, the landlords will have to pay tax on net rental income, not deducting mortgage interest from rental income. It has led to landlords paying more tax on rental income than before. You could claim 75 percent of your mortgage tax relief in the 2017-18 tax year for previous years. You can receive 50% of your mortgage tax relief in the 2018-19 tax year. Original Source:- https://www.quora.com/Can-you-offset-rental-income-against-a-mortgage/answer/Ranjit-Singh-3890