A few questions about a loan (not) qualified for TRS?

[petrucci]

Hi Folks,

My wife and I bought a house together 3 years ago. We have a joint mortgage and we have been receiving interest relief so far.
I soon have to go abroad for a long term contract and I might have to buy a flat over there. Will our loan still qualify for TRS if my wife is going to stay and live in the house? She is not working at the moment.

Now, my wife would like to move to her parents house for a while and we are thinking about renting out a couple of rooms. Could we do this under the Rent a Room scheme so our mortgage interest relief is not affected? Or will my wife HAVE to stay in the house and pay the bills just in case the Revenue wanted a proof of that?

We can't decide what to do and this is killing us! Please help.

Cheers,

K.

 

[csirl]

Will not qualify for TRS is your wife moves out (to parents house). Wife will actually have to live in the house i.e. sleep there most nights of the year, to keep TRS and to avail of rent a room scheme.