Mortgage Interest Relief for Married Couple

S

Samson999

Guest
Both myself and my partner got married recently.
We both own our own houses and have moved into one of them and intend renting the other one out.

Does that mean we will loose the Mortgage Interest Relief on the house we are renting out. Even if that relief is greater that the relief we get on the house we will live in i.e. as the loan is smaller on the house that we will live in compared to the one we will rent out.

Thanks in advance.
 
Re: Mortage Interest Relief for Married Couple

In short, yes

A qualifying loan for the purpose of mortgage TRS is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State. You can claim mortgage tax relief in respect of the interest charged/paid on your main residence.

More details [broken link removed]
 
Note: if you did not originally pay Stamp Duty on the rental house, you may need to do so now (if you own it less than 5 yrs).
 
Own it for 4 years, so need to check that also, thanks.
 
Samsoon,
FYI, Stamp duty clawback is not proportional. It is all or nothing.
So, it does not mattter if you have owned the property for 1month or 4 years 11 months = same amount is due as long as you have owned it for less than 5 years.
 
Is there any impact if you sell it within the 5 years.
Or is it just down to 'if you rent it' you are liable for stamp duty clawback.
 
Samson999 said:
Is there any impact if you sell it within the 5 years.
Click to expand...
Not if it was never rented.
Or is it just down to 'if you rent it' you are liable for stamp duty clawback.
Click to expand...
If you rent a property originally bought as an owner occupied PPR within 5 years of purchase then the clawback applies.
 
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