W
Woody11
Guest
Hi All,
looking for a bit of advice here, myself and my wife are into our 6th year of our mortgage with an outstanding balance of €150,000 or so. We're thinking about moving up into a larger family home which will basically add €350,000 onto our mortgage, with the possibiliy of a few years interest only, with the intention of renting out our current home.
What way will our mortgage interest apply in this instance, will it be calculated only on the amount we're borrowing to purchase what will be our new principle residence or (wishful thinking) on everything ?
And is there any implications on our first time buyers relief even though afaik there's only about 1 year left on it, correct ?
And finally, we were one of the last to get a first time buyers grant, I know there was a clause in that you had to repay it if you sold up within a certain period of time, does anyone know what this term is ?
Any other tax implications I'm overlooking such as tax on income from rent ?
Cheers all !
looking for a bit of advice here, myself and my wife are into our 6th year of our mortgage with an outstanding balance of €150,000 or so. We're thinking about moving up into a larger family home which will basically add €350,000 onto our mortgage, with the possibiliy of a few years interest only, with the intention of renting out our current home.
What way will our mortgage interest apply in this instance, will it be calculated only on the amount we're borrowing to purchase what will be our new principle residence or (wishful thinking) on everything ?
And is there any implications on our first time buyers relief even though afaik there's only about 1 year left on it, correct ?
And finally, we were one of the last to get a first time buyers grant, I know there was a clause in that you had to repay it if you sold up within a certain period of time, does anyone know what this term is ?
Any other tax implications I'm overlooking such as tax on income from rent ?
Cheers all !