hi i was wondering if anyone can give me some advice

i am renting out a property and the rent from that property pays the mortgage of that house and also of the house that i live in as i have been made redundant, both mortgages are interest only and the house i live in has a huge mortgage compared to the one i rent out. i dont make a profit and i am lucky to break even. i need to declare my rental income and i have been told that the mortgages make no difference my only allowable deductible expense is wear and tear on the rental house and any expenses for that house.

i have made an appointment with an accountant meanwhile any advice will be greatly appreciated.