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A taxpayer inquired whether they could make early repayments on a mortgage loan to first cancel the portion of the debt allocated to their primary residence and subsequently to other assets. The DGT has responded that it is not possible to individualize payments so that they affect only one financed asset.
Question posed: Possibility of allocating the payment of future annuities, and, specifically, the planned partial early repayment, exclusively to the reduction of the outstanding debt corresponding to the primary residence, potentially leading, in the first instance, to the full amortization of said residence. And, once this is amortized, to consider that the subsequent annuities satisfied from the loan shall correspond solely, in their entirety, to the amortization of the financing obtained to acquire other assets unrelated to the residence. In this manner, the entirety of the initial amounts satisfied would be eligible to constitute the basis for the deduction for investment in the primary residence, and once the residence is one hundred percent amortized, the subsequent annuities and other payments shall not be subject to deduction.
In a loan with a single debtor and creditor, it is not possible to tax-attribute the payment of an annuity to the reduction of the debt of a specific asset. Each payment or early repayment must be considered as a pro rata part of all financed assets. Therefore, the deductible amount for investment in the primary residence shall always be the proportional part that the residence debt represents over the total outstanding loan.
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