Hi All,
I was jsut looking for some advise on my situation.
Myself and my husband bought an apartment 8 years ago for 210K Mortgage left on it is about 150K interest rate is 2.75% month payments circa 950 per month. There are 17 years left on this Mortgage.
We are in the process of buying a house for 230k over 25 years variable rate of 4.5 monthly repayment of circa 1200.00.
We had said that we would always hold onto the apartment as I am self employed and we always looked at the apartment as my pension as I will have nothing else. The more I look into renting out and declaring the rental Income I am not so sure if it is infact in out best intererst to keep it and we will have to pay tax on the income. The Rent received will just cover the Mortgage mgt fees LPT etc but as you are only aloud to ofset 75% on the interest we would end up paying 2/3 in tax on it.
As the apartment is in Dublin if we where to sell the apartment I think we would get near enough the 210k we paid for if not this year maybe in a couple of year.
Anyone got any advise or experience of this situation. Do you think we would be better of selling and cutting out losses?
Thanks so much for your time.
I was jsut looking for some advise on my situation.
Myself and my husband bought an apartment 8 years ago for 210K Mortgage left on it is about 150K interest rate is 2.75% month payments circa 950 per month. There are 17 years left on this Mortgage.
We are in the process of buying a house for 230k over 25 years variable rate of 4.5 monthly repayment of circa 1200.00.
We had said that we would always hold onto the apartment as I am self employed and we always looked at the apartment as my pension as I will have nothing else. The more I look into renting out and declaring the rental Income I am not so sure if it is infact in out best intererst to keep it and we will have to pay tax on the income. The Rent received will just cover the Mortgage mgt fees LPT etc but as you are only aloud to ofset 75% on the interest we would end up paying 2/3 in tax on it.
As the apartment is in Dublin if we where to sell the apartment I think we would get near enough the 210k we paid for if not this year maybe in a couple of year.
Anyone got any advise or experience of this situation. Do you think we would be better of selling and cutting out losses?
Thanks so much for your time.