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A taxpayer under the transitional regime has enquired whether they can continue to claim a deduction for investment in their main residence if they cancel their current mortgage to take out a new one with better terms. The Directorate General for Taxes (DGT) has ruled that replacing one loan with another does not exhaust the right to the deduction, provided that the new loan is used to repay the previous one.
Question posed: Possibility of continuing to claim the deduction for investment in the primary residence for the amounts paid for the amortization of the new loan. If so, whether it can also be claimed based on the global expenses incurred in the cancellation and establishment of each loan, respectively.
The substitution of one loan for another with different conditions does not imply the conclusion of the investment financing process. The amortization installments, interest, and expenses of the new loan entitle the taxpayer to a deduction in the proportional part attributable to the original loan intended for the primary residence. To this end, the new loan must be effectively used for the amortization of the previous one. This would not be possible if there were a break in continuity between the cancellation of the debt and the obtaining of the new credit.
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