Let current home to rent bigger home (let to rent)

C

cathkc

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Hi
I read with interest an article in the Sunday times yesterday called rent to rent. It talked about renting your current home to be able to rent a larger / better property as it's not possible to sell your current home nor buy a new home.

I want to do this but am worried about financial / tax implications. Has anyone experience in this?

I have confirmed I will not loose my tracker mortgage so that is good. I will loose my mortgage interest relief as the home which this is on is no longer my primary residence. I will be able to rent my current home and cover my mortgage (just about).

But what about filling a tax return for the income on my now newly rented property? Is this difficult? Is the tax bill costly?
Also do I need to sign up to the private residence tenancy board and what does this cost?

Is there anything else to consider? Am I mad to even consider this option? But since the government will do nothing for me I feel I must do something myself for a better quality of life.
Thanks
Cathkc
 
cathkc said:
But since the government will do nothing for me I feel I must do something myself for a better quality of life.
Click to expand...

Well done on coming to that conclusion.

You lose the TRS but the 75% of rental mortgage interest relief you get is better. Yes you will pay tax. You have to be willing to become a landlord. This is not easy.

For your basic questions on being a landlord look at the key thread on this here on AAM and look up websites like irish landlord.com and property owners etc.

Unless you post up concrete figures on here, you will not get better answers to your tax question but there are many many threads here on AAM on this.
 
Hi there - in a similar position. I heard about the ST article but didn't get a hold of the paper - is there anywhere online where this article is available?

On the renting front - has anyone (recent) experience of renting your house out to the council for social housing as opposed to renting on the 'open market' so to speak?
Tks
 
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