Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Remortgage rental property to help purchase PPR

Options
  • 13-10-2016 11:02pm
    #1
    Teeley
    Registered Users Posts: 140 ✭✭


    Some advice please!
    I have a rental property with a very small mortgage on it. We are currently selling our PPR and buying a bigger one (growing family). Is it possible to remortgage the rental property in order to reduce my mortgage borrowings on new PPR?? Thanks.


Comments

  • Options
    #2
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    I may be missing something, but what would you hope to achieve by doing this?


  • Options
    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Yes, its certainly possible... but your interest rate could well be higher.

    If your plan is to write off more mortgage interest on your rental tax, I understand that interest must be on mortgages used to purchase the rental property so a remortgage wouldnt achieve this.


  • Options
    #4
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    Yes. The deductibility of your interest cost doesn't depend on which property you have mortgaged. It depends on how you have used the loan.


  • Options
    #5
    Teeley
    Registered Users Posts: 140 ✭✭Teeley


    [Deleted User] wrote: »
    If your plan is to write off more mortgage interest on your rental tax, I understand that interest must be on mortgages used to purchase the rental property so a remortgage wouldnt achieve this.

    That was my plan alright so seems it's not a plan after all! Thanks for the reply.


Advertisement