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West Cork: Possible to purchase home and BTL property like this?

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  • 07-08-2015 10:09pm
    #1
    Mr. Bee
    Registered Users Posts: 1 ✭


    Hi guys, i am new to this site.
    Single, permanent job. mortgage approved in the past, but elapsed. My problem is this, I have a steady job and want to buy a house. Presently renting. I have savings 55,000 euros (bank) and 50,000 cash. I want to buy a 2 bed apartment btl in cash (50,000) which is on the market now, and with the 55,000 euro in the bank, I wish to apply for a mortgage to buy the home I wish to live in.
    1. Will I be classified as a first time buyer by the bank, even though I bought with cash?
    2. Should I put all the money into my permanent home?
    3. What effect will it have on me tax wise?

    The rental value is around 650 euro P/M. West Cork.

    Please feel free to ask me questions as that will help me explain further.
    Thanks


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod Note: Welcome Mr. Bee. Please use meaningful thread titles and note that text speak is not permitted on this forum. I have edited your OP to take these into account. The forum charter can be found on the front page of Accommodation & Property if you have queries about the rules on this forum.

    Thanks


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