Munsterdude said:Not sure if putting them all into one would be a good idea. I would reduce to 2 only. One for investment properties, one for your own home. (own home seperate for tax relief purposes) Some banks are very keen, and offer competitive rates on this type of deal.
Pexus1976 said:Hello,
I have 5 mortgages. 3 properties in Ireland and 2 in Spain. Currently living in one and renting other 4. (Living in Ireland)
Can I consolidate these mortgages in to one? And if so which lenders can facilitate this?
All advice appreciated!
dancarter said:Pexus
Bank I work for looks at deals like this all the time, shouldnt be an issue at all
Wouldnt say Munsterdudes suggestion on two loans is strictly correct(sorry MD!! ) it might be but not necessarily.
Depending on level of mortgage relief you are getting (max c 127 pm or something) and amount of time you have left to recieve this it may make more sense to refinance into 1 loan all your investment properties as the higher level of interest you are paying here can be written off against your rental income.
e.g (rough example)
loan 1m @ 4% = 40k interest which can be written off against first 40k of rental income
loan 800k (less PDH debt) @ 4% = 32k interest, means you have to pay income tax on additional 8k rent @ marginal rate 42%= 3.3k tax
meaning youd need to be recieveing 3.3k mortgage relief to make it worthwhile putting in separate loan..
This is a v v simplified example to be fair, your accountant will put you right anyways (and I am not an accountant so this isnt gospel)!!!
Also benefit of having your PDH unencumbered in doomsday scenario you wont be on street
Pm if you have any other questions
DC
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