Can I claim tax relief on a residential mortgage?

As of April 2020, you are no longer able to deduct any of your mortgage expenses from rental income to reduce your tax bill. Instead, you’ll receive a tax-credit, based on 20% of your mortgage interest payments. In the 2018-19 tax year, you could claim 50% of your mortgage tax relief.

Hear this out loudPauseA mortgage used to purchase your main residence is not a business loan, and consequently, no mortgage interest tax relief is available, but a loan taken out to fund a property letting business is a business loan and the mortgage interest is an allowable expense that can be set against rental income.

When to apply for CARES Act mortgage relief?

Landlords of multi-family property mortgages can also receive relief. The CARES Act allows a 30-day forbearance for multi-family mortgages, and up to two 30-day extensions 1. The last date to apply for mortgage forbearance is June 30, 2021. 4

Can a landlord get relief under the CARES Act?

Landlords of multi-family property mortgages can also receive relief. The CARES Act allows a 30-day forbearance for multi-family mortgages, and up to two 30-day extensions. If you are offered forbearance under the CARES Act or by any lender, carefully review the terms before signing.

When do I qualify for additional mortgage assistance?

Once you reach the end of your forbearance period, you may qualify for additional assistance if you need it. Work with your servicer and, if possible, resume making your regular payments.

How do you file a forbearance claim on a mortgage?

As a borrower with a federally-backed mortgage loan, you will need to contact your loan servicer (the company you make payments to) to file a request claim. You do not need to submit extensive documentation, mainly only affirmation of your financial hardship on a standardized forbearance request claim form.