Renting my house in the US--how does it affect taxes?

So, although we planned to end up in the US--it looks like I will be moving to Manchester for a few years.  Of course, I had just bought a house--and then the market tanked.

My question is--if we rent the house for less than the mortgage (which is what looks likely to happen) is there a way to write-off the loss on our taxes? I know the UK doesn't give you credit for insurance payments on a mortgage, but because it's now a rental property--does that change the way it's looked at?

We're not sure if we want to sell it--especially with the market the way it is now. So we're trying to come up with all possible options.

I'm sorry if the question isn't clear.  It's been very stressful, grappling with moving in this market.

Thanks for reading.

To make the question simpler (as it was originally written in a slight panic)

How are foreign rental properties looked at in the UK tax-wise? If you are taking a loss, does it affect your taxes?

In general the UK charges tax on worldwide income & gains unless you are claiming the remittance basis in which case such income is not chargeable unless/until remitted to the UK.

The current draft Finance Bill gives no deductions for non-UK rental expenses if such income is reportable.  It is is hopeful that this problem will be resolved before Her Majesty signs this into law this Summer.