We are looking to move up in houses, but we don’t quiet have the savings in place for a 20% mortgage deposit (€40k). Also, the house we are looking at will need some work and we estimate this at €30k.
The company I work for is willing to step in and loan us the full €70k required. This however has raised the question of legality and the tax and interest payable from us and the company. We have asked a financial advisor to investigate this for us, but we have got very confusing information back from them on the matter.
Basically, we are looking to get clarity on the following;
The company I work for is willing to step in and loan us the full €70k required. This however has raised the question of legality and the tax and interest payable from us and the company. We have asked a financial advisor to investigate this for us, but we have got very confusing information back from them on the matter.
Basically, we are looking to get clarity on the following;
- Can my company loan us €40k for the mortgage deposit and if not is there a way around it?
- Is there a way of reducing the tax liability and interest on this loan for the employee and employer?
- Can my company loan us €30k for the house renovation works and if not is there a way around this?
- Is there a way of reducing the tax liability and interest on this loan for the employee and employer?