A
ado12497
Guest
Hello to All,
Just new to this so hopefully it works for me! I am anxious to move back to Dublin from a commuter town asap but I don't think my house will sell anytime soon considering a house on my road is for sale over a year now. So I am thinking of renting it out and then I could rent a place in Dublin until things pick up.
I am on a tracker mortgage and my last payment was 942(capital and interest) - 97(TRS)= 845. I thought that if I could just rent the house out for 850, my mortgage would be covered but then found out that I lose my TRS and also would have to pay tax. This could bring my mortgage back up to over a 1000 and I don't think I could get somebody to pay me 1000pm rent considering that similar propertys in this area are renting for between 800-900avg.
So I'd appreciate it if you could help me...
Should I change my mortgage to interest only and if so for how long?
Should I take a 3 month break on my mortgage?
Is there anything else that I can do to help balance these figures as I don't fancy adding 200eur to cover my mortgage?
What part of my mortgage/rental income will become taxable?
Thanks,
Ado
Just new to this so hopefully it works for me! I am anxious to move back to Dublin from a commuter town asap but I don't think my house will sell anytime soon considering a house on my road is for sale over a year now. So I am thinking of renting it out and then I could rent a place in Dublin until things pick up.
I am on a tracker mortgage and my last payment was 942(capital and interest) - 97(TRS)= 845. I thought that if I could just rent the house out for 850, my mortgage would be covered but then found out that I lose my TRS and also would have to pay tax. This could bring my mortgage back up to over a 1000 and I don't think I could get somebody to pay me 1000pm rent considering that similar propertys in this area are renting for between 800-900avg.
So I'd appreciate it if you could help me...
Should I change my mortgage to interest only and if so for how long?
Should I take a 3 month break on my mortgage?
Is there anything else that I can do to help balance these figures as I don't fancy adding 200eur to cover my mortgage?
What part of my mortgage/rental income will become taxable?
Thanks,
Ado