Rent a room income of €7,620 tax free would probably cover the additional interest bill in this case. Some lenders might also allow restructuring of the loan.What if I buy a home for €500,000, it then falls to €400,000 and interest rates rise to 8%? I might not be able to afford to keep my home
Rent a room income of €7,620 tax free would probably cover the additional interest bill in this case.
Rent a room income of €7,620 tax free would probably cover the additional interest bill in this case. Some lenders might also allow restructuring of the loan.
How is a potential additional income source not relevant to dealing with mortgage servicing difficulties that arise in the event of rates increasing?I don't think that's relevant. If I'm renting with a spare bedroom and run into difficulties, I can sublet or downsize. If I'm renting and don't have a spare room, I can save the difference in case I do run into difficulties later.
Of course. Inevtiably some people will get into mortgage difficulties at some stage that requires them to cut their losses. But this doesn't mean that it will be a common situation.Domestic situation my not allow rent a room or property could have been purchased with rent a room included from day one.
Only if you can find a place that matches your budget.If my rent goes too high, I can downsize
How is a potential additional income source not relevant to dealing with mortgage servicing difficulties that arise in the event of rates increasing?
Are you sure that tenants can avail of the rent a room schem? I thought that it was confined to owner occupiers so that a tenant sub-letting would be liable for income tax on the rental income.Because we're trying to compare someone paying a mortgage with someone renting. Each of them can rent out a spare room if they have one, and the extra income will be the same.
Not the same thing - and owner occupier availing of the rent a room scheme is getting up to €7,620 into his/her hand tax free. This is not the same as a tenant either sharing the rent or sub-letting.
No - because in spite of what has been claimed above I don't see the two situations as being the same and it seems to me that an owner occupier may have recourse to tax free income that a tenant does not and this seems pertinent to the original discussion.Isn't the rent-a-room vs house share sub-debate a moot point?
No - because in spite of what has been claimed above I don't see the two situations as being the same and it seems to me that an owner occupier may have recourse to tax free income that a tenant does not and this seems pertinent to the original discussion.
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