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Can i rent my property with 100% mortgage

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  • 22-08-2005 9:50pm
    #1
    fred funk }{
    Registered Users Posts: 6,827 ✭✭✭


    Im currently renting a place and im thinking of buying a house to live in. I still have eight months left on the contract with this place but i would like to buy a place now before the prices go even higher than they are now.

    My question is would i be able to rent out my new place if i get a first time buyers 100% mortgage until my contract runs out? Iv heard that i cant so any info would be great. Thanks.


    Fred.


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    #2
    Culchie
    Registered Users Posts: 5,047 ✭✭✭Culchie


    How will they know?

    Why not just find another tenant and talk to your landlord? No skin off his nose.


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    You can rent it out but you need to register as a landlord and pay tax on the rent you recieve. Stamp duty is also differnt for investment property as opposed to FTBs.
    I doubt your rent is worth that much. You could try and get away with it but do not be surprised if the tax man comes looking a few years later as they did with off shore accounts, insurance policiesm foreign property etc... I will not be surprised if all those avoiding tax on rent get caught in 10 years. It may be unlikely but all it takes is one person to know and tell the tax man.


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