Buying new, renting old

[macar]

We are considering buying a new property €325000, moving into it and renting out our current home. Do we have to pay stamp duty on the new property and if so, how do calculate how much? We have a small mortgage on our current home, c€45000. Can we get a residential mortgage on the new one and retain the existing mortgage or must we take an investment mortgage on the new one which is what one of the financial institutions is telling us?

 

[liteweight]

As long as the new property is under 125 sq.mts. there is no stamp duty for owner occupiers. AFAIK you can't get a new residential mortgage while you still have one on another property. Why don't you change the existing mortgage to an investment and mortgage the new place as your PPR.

 

[Annabell]

I would of thought that once you are buying a second property no matter what size you qualify for stamp duty. Only 'First time buyers' are excempt.

 

[Satanta]

Only 'First time buyers' are excempt.

No. First time buyers have higher thresholds and reduced rates above and beyond other buyers, but everyone is able to avail of SD exemptions on new builds (under 125sqm).

 

[ClubMan]

No - first and non first time buyer owner occupiers are exempt from SD on new builds under 125sqm. First time buyer ocner occupiers of second hand houses are exempt up to €317,500. Non first time buyer owner occupiers of second hand houses are exempt up to €127,000.

Post crossed with Satanta's.