Buying new house- should I sell my original house

C

Countryboy

Guest
Can anyone advise me;
I currently owe €20,000 on my family home which I have owned for 15 yrs. I am considering buying a new house which I will then use as the new family home. I am thinking of keeping my original home and re-mortgaging it to its maximum value. I would then hope to rent it out.

Can anyone see any problems i.e tax etc...
 
Thanks Rainyday, but would is it better from a tax point of view for me to re-mortage my current home to its maximum value and use it to subsidise my new house.
 
If you read the many threads on keeping a former PPR and renting it out while buying a new one (such as the thread linked by RainyDay above) you will see what some of the issues are in this context. One thing to note if you remortgage as above to fund the purchase of a new home is that the interest on the mortgage will not be allowable against rental income as would be the case with a mortgage used to buy or renovate an investment property.
 
You must log in or register to reply here.
Back
Top