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Thanks for your question - I am Sam and I am one of the UK tax experts here on just Answer.
Yes thats right but only the interest element of the repayment and the % that relates to the having paid off the rental property.
However as the reted flat is in your name only and this remortgage will I assume be in joint names you can only claim 50% share of the relevent interest - if it remins in just her name then you can claim nothing.
I would usually recommend then putting the rented property in joint names, so you can claim 100% of the percetage of interest that relates to the paying off the mortage on the rented property, but if you do this whilst you are not living there (which you are not) then you will lose half of all the tax reliefs (such as private residence releif and private lettings releif, for when this has been your main residence) and t6his could prove to be very costly in the future if and when you come to sell.
Let me know if I can be of any further assistance as this is just a general response of the position.
The other flat is in both our names too.
Then you can have the inter4est that relates to the % paid off (so if you borrowed an extra £100,000 to pay off the rented property - and then have a loan on £200,000 then you could laim 50% of the loan interest element each year (and 25% ech against your own half share of the rental income)
I hope you took advise at the time of the property being put in joint names, so you minimisd the loss of tax reliefs.
Let me know if you need any further assistance
Thanks for your help. Could you clarify the second element? I understand the 50% of the loan interest tax relief, but you also mention 25% of each on the rental income. I am not sure what you mean there.