Mtg relief

Hello,

I am considering leaving dublin for a job in the west (where I will rent) but have a property here which i bought in 2006 and has dropped about 30k since. I got a 100% mtg so I'll have to rent it out and pay in the difference as a reluctant investment.

I have 3 questions:-
1) I get mtg relief at source of about €260 a month. I won't be living there anymore if its rented so do I lose out on that totally?
2) Is there another type of relief I can get instead?
3) Could I have to pay back the reduction in stamp duty I got (reduced from 9% to 6% at the time) as a first time buyer seen as I will have only lived there 2 years?

Grateful if anyone can answer these questions.
Thanks

daveyboy said:

1) I get mtg relief at source of about €260 a month. I won't be living there anymore if its rented so do I lose out on that totally?

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Yes - it is owner occupier mortgage interest tax relief so if the property ceases to be your Principal Private Residence then you cease to qualify for it and need to inform Revenue and your lender to stop obtaining it.

2) Is there another type of relief I can get instead?

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You can write off 100% of interest on the mortgage outstanding at the time that it becomes a rental/investment property against rental income when doing your tax return.

3) Could I have to pay back the reduction in stamp duty I got (reduced from 9% to 6% at the time) as a first time buyer seen as I will have only lived there 2 years?

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No - the clawback time limit was changed to 2 years in Budget 2008.

Grateful if anyone can answer these questions.
Thanks

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There are other issues/implications arising from coverting a former PPR to a rental/investment property. See the FAQ and the key posts and browse some of the many similar queries already posted. Get independent, professional advice if necessary.

thanks for that.
appreciate it.