Can I get any tax benefits by paying £20,000 off on my buy-to-let mortgage payments?
Arthur Weller replies:
I presume you mean that you plan to pay off £20,000 of the capital that you owe to the lender. There are no immediate direct tax benefits. However, it will result in you paying less interest in the future. Therefore, notwithstanding the rules introduced in 2017 for residential landlords, you will get less tax relief for future interest payments since these future interest payments will be smaller than at present.