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Tracker mortgages and principal residence

ongarboy · 2012-02-06 11:55:09

Hi, does anyone know if all tracker mortgages are conditional on the person living in the property that the tracker is against? Or does it depend on the terms and conditions agreed to when taking out the mortgage? Secondly, if you were paying a mortgage on a property you were renting out to tenants, would you only have to…

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06-02-2012 12:55pm

#1

ongarboy

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Hi, does anyone know if all tracker mortgages are conditional on the person living in the property that the tracker is against? Or does it depend on the terms and conditions agreed to when taking out the mortgage?

Secondly, if you were paying a mortgage on a property you were renting out to tenants, would you only have to pay tax on the net gain between the rental income you get and the amount of the mortgage you pay out or would the tax be calculated on the entire amount of the rental income?

Thanks in advance to any advice!

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#2 06-02-2012 3:53pm
GetWithIt

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Tax is calculated on the entire rental income.

75% of the interest is allowable as an expense (not 75% of the mortgage). The interest is only deductible if you have registered with the PRTB.

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