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You also have a potentially higher Stamp Duty liability (rent a PPR within 5 years of purchase and a SD clawback arrises, rent it straight away and your buying as an investor not as an OO) and CGT bill (when/if you decide to sell you'll pay CGT on the portion of time the house is rented).Our plan is to rent the property for about a year or so. That way we will have a generous deposit and also a years worth of bank statements plus we will be settled in our jobs and ready to take on the commitment of another mortgage.
Most Irish lenders can and do do credit searches in the UK via their sister/subsiduary companies (the application declaration states "I/we hereby authorise the disclosure of any personal data or other information, including credit references, relating to the transactions between me/us and XXX lender or any subsiduary company......under the Data Protection Act 1988") and the question is asked on the application form about debts/commitments. I've never had a client asked to provide a UK credit reference on themselves.
Sarah
www.rea.ie[/quote]
even if you have lived in Ireland for a year and show a years worth of bank statements?
You also have a potentially higher Stamp Duty liability (rent a PPR within 5 years of purchase and a SD clawback arrises, rent it straight away and your buying as an investor not as an OO) and CGT bill (when/if you decide to sell you'll pay CGT on the portion of time the house is rented).
Lots of info on both if you read around on AAM.
Apologies. I assumed you ment you'd buy the property from them and then you would rent it out for a year.We will rent the the property from the family in the mean time and then buy it for the sole purpose of living in it not renting the property.
thanks Kerry & JP1234 for that info.
Our plan is to rent the property for about a year or so. That way we will have a generous deposit and also a years worth of bank statements plus we will be settled in our jobs and ready to take on the commitment of another mortgage.
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