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

Buying second home and rent out first home

AlmaMater · 2017-12-27 22:51:02

I don't understand mortgages at all and will go to bank in new year but can people give me a steer if the following is feasible at all please: Bought house in 2014 for 188k, loan of 162k. House is now worth 240k approx. (26k deposit) We have seen an amazing house for 380k, we have 35k in savings. We would like to keep…

Options

Comments

Options
#32 28-12-2017 3:16pm
Andrew Beef

Registered Users Posts: 754 ✭✭✭

Join Date: December 2017

Posts: 732

Plus some other bad advice above...interest is 100% deductible for those long-term council lets and you don’t lose your tax-free gain when you move out.

The OP will have lived there for circa 4 years. A bonus year is awarded. If the OP then sells after (say) 10 years, 50% of the gain is tax exempt. After 11 years, 5/11ths and so on.

0