Interest on second home loan

This discussion clarifies the rules for claiming interest deductions on a second home loan. If you've paid off your first home, you can claim interest on your second property. The key is understanding that deductions are aggregated across all properties, with a maximum of £200,000 for self-occupied properties under Section 24, and an additional £150,000 potentially available under the newer Section 80EEA for first-time buyers taking out fresh loans.