F
freebird
Guest
A year ago, I emigrated outside of Europe and rented out my apartment (bought through affordable housing) without telling my bank or the County Council. Now I am trying to decide whether to rectify the situation or what to do.
Some details:
-I am pretty sure I will lose my tracker mortgage once I tell the bank, as the conditions stipulate that I need their permission to let the place and they can change the interest rate if I do let it (even with their permission)
-The tenant I have now pays a very low rent that doesn't cover my (cheap) mortgage.
-I am wondering if the bank would 'backdate' the increase in interest rate and charge me the extra amount I would have paid for the whole year.
-I could tell the bank that I'm just emmigrating now, but I imagine they will ask to see my current account statement, which will show I've not lived here.
- In terms of taxes, will I have to pay back all the TRS (tax relief at source) money for the last year? And also pay tax on the rental income?
- Fingal will probably let me rent it if the bank give permission.
- If I get it sorted with all parties, will the fact that I'd pay tax on rental income mean that I can get TRS?
If anyone has any advice, or has gone through a similar situation, I'd really appreciate the feedback.
Some details:
-I am pretty sure I will lose my tracker mortgage once I tell the bank, as the conditions stipulate that I need their permission to let the place and they can change the interest rate if I do let it (even with their permission)
-The tenant I have now pays a very low rent that doesn't cover my (cheap) mortgage.
-I am wondering if the bank would 'backdate' the increase in interest rate and charge me the extra amount I would have paid for the whole year.
-I could tell the bank that I'm just emmigrating now, but I imagine they will ask to see my current account statement, which will show I've not lived here.
- In terms of taxes, will I have to pay back all the TRS (tax relief at source) money for the last year? And also pay tax on the rental income?
- Fingal will probably let me rent it if the bank give permission.
- If I get it sorted with all parties, will the fact that I'd pay tax on rental income mean that I can get TRS?
If anyone has any advice, or has gone through a similar situation, I'd really appreciate the feedback.