claimable refinancing expenses

[WillG]

Hi,

Recently refinanced some IP loans and are doing tax returns.

I am fairly sure I can claim costs associated with closing old loan accounts but not 100% on what other costs I can claim.

Any help appreciated.

Cheers

[DaleGG]

Hi

You can claim ALL of the costs that the initial lender charges to close down the loan as well as any remaining borrowing costs initally charged to create the loan that have not yet been amortised.

Then, you start the process again and claim the costs charged to create the 2nd loan as borrowing costs and claimed over the life of the loan, or five years, whichever is lesser.

Have fun

Dale

[WillG]

Thanks Dale,

It is great to get clarification from fellow forumites.

Have a nice day