If you have raised funds to buy a 2nd home against your main home can you off set interest against earnings?

As I am still incurring interest on my main mortgage enabling me to buy the second home should I not be able to claim the costs (interest) of those funds against any income I derive?

Interest paid on the loan to purchase the let property is deductible against any income derived from that property.

I wish I knew.
Personally I am hoping for interest rates to go up to 15% and for a complete melt down in the economy. Then the exchange rate will benefit my business!

Only if you have the second home as part of a business portfolio, and therefore pay tax on any profit

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