Keeping PPR mortgage on investment property

B

ButtermilkJa

Registered User
Messages
660
Are you legally obliged to change your 'owner-occupier' mortgage to a 'residential' mortgage once you let your PPR, or does it depend on the bank/contract/other? etc?

Also, do you have to notify Revenue so they can stop paying TRS?
 
ButtermilkJa said:
Are you legally obliged to change your 'owner-occupier' mortgage to a 'residential' mortgage once you let your PPR, or does it depend on the bank/contract/other? etc?
Click to expand...
Depends on the T&Cs of the original owner occupier loan agreement. Many (most?) lenders will require you to notify them if there is a change in use of the property from owner occupied to rental.
Also, do you have to notify Revenue so they can stop paying TRS?
Click to expand...
Yes.
 
Thanks ClubMan. I must look through my original T&C's.

Is there any kind of relief (similar to TRS) for investors?
 
Investors can write off 100% of qualifying mortgage interest against rental income when doing their rental income tax returns. If you are contemplating becoming an investor/landlord and were not already aware of this then I would strongly urge you to hold off until you know the relevant facts and/or get professional advice.
 
No, I knew you could write off the interest but I thought there might be some other additional benefits that's all.

Cheers!
 
I don't understand - how/why did you think that there might be some additional benefit over and above writing off 100% of mortgage interest!?!
 
Make sure you tell the house insurance company. Only some companies do rental properties. You can write off the costs of letting etc. Have a look on AAM and revenue.ie for details or hire an accountant to set you on the right path. Remember being a landlord is not as easy as some people seem to think. And whatever you do don't forget the dreaded PRTB.
 
No, of course I didn't think you could get more than 100%. I was simply wondering if there were additional reliefs available in other areas as well as mortgage interest.
 
You can write allowable expenses off against rental income. It's all covered in existing threads, key posts, FAQs, Revenue website etc.
 
You must log in or register to reply here.
Back
Top