Current mortgage;
ECB +.51 with Pepper
Balance 101k
House value 180k (maybe less now?)
Bought for 215k
Repayments 500 pm for 17 years
Strong rental potential cork city area typical rent~1400pm Potential to rent under HAP as a family member has been given notice from landlord.
Cash savings of ~200k
Also shares ~20k
Proposed mortgage of 190 from KBC 2.25% repayments ~1000pm over 20yrs
To purchase property of ~330k we may take a smaller mortgage and use more cash to buy. Wife wants to push the boat out to 360k but I’m not so sure.
Main income in pharma sector 77k p.a. including 33%shift
Annual bonus 5-10% typically 7%
Wifes income 7k p.a.
What is a HAP discount?First of all, let's look at the investment proposal
View attachment 4647
This is a very profitable investment.
House value 180k (maybe less now?)
Bought for 215k
It is also a tax-efficient investment.
As you paid €215k for the property, you will not face any CGT until it increases in value to €215k, so the first €35k of a gain is tax-free.
What is a HAP discount?
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