Mortgage interest

 The main property expense for most people is the mortgage payment. You can deduct only the interest part of the mortgage payment. If you have a repayment mortgage, the repayment part of any payments is not an allowable deduction. This means that the mortgage interest may be less than the full monthly repayment you make, as your mortgage repayments may include repayment of capital.

If you remortgage the property to withdraw equity or secure the loan on a different property you may still be able to get relief for the interest but you should seek further advice as this is a complicated area.