The bank will request proof of the rent you received. They will request tax clearance which you won't have. They take into consideration your full earnings so you need to prove that you received rent to the bank. And finally, if they feel you owe revenue money then there's a risk you may not be able to pay your mortgage, bit like you could afford to pay the tax on the rentall was going well until I mentioned I hadn't paid any tax on my rented property (the property i own and am renting out). I was basically told I wouldn't get a mortgage without the proof that I had.
Approx 5 years at €1000 per month. So €60k give or take. It only just covered the mortgage and I was also paying rent on another property so I didn't make a dime off of it. Not that that will make any difference I'm sure.Curious as to how this came up, I've gotten mortgages and remortgages quite a few times and never been asked for tax clearance cert.
I suppose now they are aware of it they know eventually revenue will catch up to you and land you with a tax bill incl interest and penalties which could mean you can't service the mortgage.
Tenants now get whatever 500 a year to offset rental costs, once they cross reference addresses Revenue will see the gap.
How much rent per year and how many undeclared years you talking about?
If you have a tax liability of 60k, I am really not surprised it could be an issue for the bank. Prices have now recovered and the mortgage on this property must be lower.Approx 5 years at €1000 per month. So €60k give or take. It only just covered the mortgage and I was also paying rent on another property so I didn't make a dime off of it. Not that that will make any difference I'm sure.
Must be a newish development....last investment mortgage I took out was 2012 so a good few years ago.I was told by a mortgage broker recently that lenders often look for proof of tax paid as part of the underwriting process.
Start pulling together expenses/receipts and interest certificates and do it year by year....might be better to engage an accountant to assist and have him act as intermediary with Revenue....won't be cheap mind.Approx 5 years at €1000 per month. So €60k give or take. It only just covered the mortgage and I was also paying rent on another property so I didn't make a dime off of it. Not that that will make any difference I'm sure.
I guess that's fair enough. I'm pretty fecked so as I'm afraid I'll have a big tax bill now.If you have a tax liability of 60k, I am really not surprised it could be an issue for the bank. Prices have now recovered and the mortgage on this property must be lower.
You made money by paying your investment and mortgage so increasing your equity.
Not an investment mortgage. I just had to move and needed to rent my own property out.Must be a newish development....last investment mortgage I took out was 2012 so a good few years ago.
Thank you. Yes I'll start doing that.Start pulling together expenses/receipts and interest certificates and do it year by year....might be better to engage an accountant to assist and have him act as intermediary with Revenue....won't be cheap mind.
Do you know if they'll allow me to pay it off over the next few years? Like over the next 5 years. I guess like I should have done in the first place. I'm starting to freak out lol.Start pulling together expenses/receipts and interest certificates and do it year by year....might be better to engage an accountant to assist and have him act as intermediary with Revenue....won't be cheap mind.
They might but that will affect how much of a mortgage you will get based on your ability to pay with the additional outgoings to pay revenue back.Do you know if they'll allow me to pay it off over the next few years? Like over the next 5 years. I guess like I should have done in the first place. I'm starting to freak out lol.
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