Did you consider renting your home and selling the other property and buying that way. You pay full tax on the rent currently which you would not on your home.
What rent would you get on the home? Would you lose the tracker if it was an investment property. What is the mortgage payment and what would it be if it changed to investment rates.
Though you need to factor the election and what the Labour party thinks of landlords into your thinking.
Taken directly from Labour Manifesto.
1. As an interim measure, Labour will increase the second homes levy by €300 to yield €95 million. (Current rate is €200 so it will rise to €500)
2. phasing down of the amount of interest that can be offset against rental income for tax purposes to 25%. (Currently 75% is allowable)
3. In respect of Capital Gains Tax and Capital Acquisitions Tax, the first €50,000 over the threshold will be taxed at 30% and the balance at 35%.