N
new08
Guest
Hi,
A bit of advice please. Currently have owner occupied family home for sale on the market. Have lived in house for 5 years. Envisage leaving on market for 6 mths or so to see if we get bite of cherry. In the meantime due to change in job location very soon we are looking to rent another house near the new job location area. Also at this stage the area where we currently reside is not for us. First child will be starting school soon so we want a clear break.
Currently on a tracker 1.5% so mortgage repayments including TRS are approx €650 pm over 25 years. Have looked into possibility of renting out house however obviously will need to change to BuytoLet mortgage circa 4.5% so mortgage repayments would be approximately €950 - €1000. There is also the usual expenses of changing insurance/prtb reg/wear & tear/being landlord etc. Rental market in current area is pretty stagnate and around €800 pm. No guarantee of tenants either. If we switch mortgage from tracker and don't get a regular tenant for a year it would mean paying more on mortgage. Also some of our furniture will need to be in storage if we rented out house €200 pm (storage company) so just weighting up whether to keep tracker or not. I know it seems like throwing away money.
Is it possible to leave a house vacant and still pay existing tracker mortgage for period of time. In theory it wont be are PPR. In the meantime we hope to rent for a year or two. Could we claim rent relief on this? Will still visit house at w/e's for upkeep etc.
We don't want to do the landlord thing really. Longterm would like to sell existing house and then buy another once we are really comforable in area.
tks
A bit of advice please. Currently have owner occupied family home for sale on the market. Have lived in house for 5 years. Envisage leaving on market for 6 mths or so to see if we get bite of cherry. In the meantime due to change in job location very soon we are looking to rent another house near the new job location area. Also at this stage the area where we currently reside is not for us. First child will be starting school soon so we want a clear break.
Currently on a tracker 1.5% so mortgage repayments including TRS are approx €650 pm over 25 years. Have looked into possibility of renting out house however obviously will need to change to BuytoLet mortgage circa 4.5% so mortgage repayments would be approximately €950 - €1000. There is also the usual expenses of changing insurance/prtb reg/wear & tear/being landlord etc. Rental market in current area is pretty stagnate and around €800 pm. No guarantee of tenants either. If we switch mortgage from tracker and don't get a regular tenant for a year it would mean paying more on mortgage. Also some of our furniture will need to be in storage if we rented out house €200 pm (storage company) so just weighting up whether to keep tracker or not. I know it seems like throwing away money.
Is it possible to leave a house vacant and still pay existing tracker mortgage for period of time. In theory it wont be are PPR. In the meantime we hope to rent for a year or two. Could we claim rent relief on this? Will still visit house at w/e's for upkeep etc.
We don't want to do the landlord thing really. Longterm would like to sell existing house and then buy another once we are really comforable in area.
tks