Spare a thought for the 'poor' muslims

[WalksWithTurkeys]

WWT - I agree in relation to buy to let properties which is why I did not make mention of it in my initial response. The same goes for those who have a second home in order to profit from it. However, in my own experience, many of those I know who have mortgages on a second home have done so in order to give their progeny a roof over their head. They have all paid their own home mortgages off and taken out a new mortgage for the second property where the son/daughter makes a contribution to the mortgage payments each month. That saves the situation where their progeny have to live with the parents now or in the future. The whole reason for this type of arrangement is to enable offspring to get on the property ladder.

AFAIK, the only tax relief they may get is when it comes to selling a second home - something which they have no intention of doing because it is the son's/daughter/s residence but mortgaged in their own name(s)

AFAIK, even people with a second home for holiday purposes will only get tax relief when it comes to sell (and even then the rules are complex)

Unless you know different?

My understanding is that a buy to let landlord can offset mortgage payments against tax at the highest rate paid. So they basically get tax relief. Today the government reduced the tax relief, to my surprise.

Interesting point about buying for children, that is a different issue.

 

[Belboz]

Yeah - agreed but as I said, I never mentioned buy to let in my posts because I concur that anyone seeking to make a profit on the purchase should not be afforded tax relief. As I also said, AFAIK, second home owners don't get any tax advantage unless they sell the property.

IMHO, fair play to anyone who workds hard and buys a second home whether for their offspring or for a holiday home.