Hi Guys,
I have recently purchased a home worth 380k in Dublin and have mortgage around 340k. I have been living here since last few months and have started short term letting which is working well. I have a big back garden with good space on the side of the of the house. I plan to do an extension where I can build a studio room which will be attached to my house. Have not started getting quotes yet. But I reckon it would be somewhere around 50k-70k. I have two questions related to this:
I have recently purchased a home worth 380k in Dublin and have mortgage around 340k. I have been living here since last few months and have started short term letting which is working well. I have a big back garden with good space on the side of the of the house. I plan to do an extension where I can build a studio room which will be attached to my house. Have not started getting quotes yet. But I reckon it would be somewhere around 50k-70k. I have two questions related to this:
- Can I utilize rent a room scheme for the extension and continue short term let and pay 52 percent tax on it(14000+50%tax on short term letting)? or rent a room scheme wont work here because I have short term letting in the property.
- For extension I was planning to get a loan but because of no credit history getting very high rate. Recently from this forum came to know about mortgage top up, can I use it over here.