First buyer now renting out property

C

cyclops11

Guest
Hi, i bought a house a year ago with my girlfriend and now we're splitting up.

The plan is to rent the property for a while. when we bought the house we are on a 5 year fixed rate owner occupier mortgage. which is about €1304 a month with the Mortgage relief. we wont get more than that if we rent it out so we will be at a loss.

so will we have to pay anything on stamp duty now? and will i still get Mortgage relief? How will my tax be effected?

Thanks for any help given.
 
  • SD clawback due the first month you rent.
  • Loss of mortgage relief
  • PRTB registration required
  • Tax to be paid on rent (roughly tax on (rent less mortgage interest less mgmt fee less few other bits))
So, the bad news is that even if you were to say get €1350, there will still be a non-negligeable shortfall that you will have to pay each month...

May be renting is not the best option after all?
 
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