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On this, arent the banks offering to knock lump sums off peoples mortages for going off trackers back to variables?? It might be possible to knock 20 - 30k off your mortage for doing this. I think it was PTSB were doing this..
If you can't rent a room now, what makes you think you can rent the full apartment. There is actually no issue here with the negative equity, you can afford it, you can also afford to overpay.
Do not rely on what the bank told you in relation to the tracker, that reply sounds wishy washy. What is the term and condition of your mortgage in relation to the tracker (you can post it up here if you want, taking out your personal details). You can in any case rent and not tell the bank.
I would not assume there will be tax to pay should you rent. You should do out the full figures on renting to get an idea on that, post them on here so they can be double checked and have a look at all the threads on renting on here and on sites like landlord.ie etc.
As you have a tracker, it may be worth your while putting the extra into a high paying savings account and when the tracker ends putting those savings off the mortgage. If you are not good at savings then I recommend you overpay the mortgage (with the banks consent). Every bit counts and don't think it doesn't, it might not seem like much at the beginning but it will start to chip away at it. Mortgages are always toughest at the beginning.
You are exceedingly lucky you bought alone. One less of a nightmare for you. I recommend you do the money makeover if you want more concrete advice.
Re petrol costs, is there no bus or rail service from Kildare, do you need a car?
Tha bank does not organise your entitlement to this so they would not even notice this. Definitely do not keep getting TRS if you rent it out. You can be prosecuted/fined for that.To be honest, if I rented and didn't tell the bank I'd be terrified that the Revenue would then find out somehow and they'd do me for the TRS that I'd still be getting. And if I stop the TRS surely the bank would cop that?
Tha bank does not organise your entitlement to this so they would not even notice this. Definitely do not keep getting TRS if you rent it out. You can be prosecuted/fined for that.
Would the bank not have it flagged to them when my TRS stops after I cancel it? I would have thought they'd look out for something like that simply to catch people with my idea!
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