Mortgage free home and two buy to lets - should I buy more?


Registered User
Hi All at AAM,

Having received excellent views/advice I just wanted to update on where I got to since the last post in Nov 17.

Updated Background:
Employed Salary €112k
Wife home maker
3 kids 15, 11, 8
Own home no mortgage
Car Loan €10k/2yrs
No other debts
Savings €40k
Life cover €250k dual lives convertible
Serious Illness Cover €70k
Pension Fund currently €280k. Currently putting in min 4% salary Company contribute 6%.

Investment Update:
Decided to clear the mortgages on the 2 houses purchased for €96k & €111k Jan 19.

I went ahead and purchased 2 additional houses late last year Oct 19 - did not proceed with the S23 Apt.

1 semi detached 3 bed cost €150k 70% loan rent €14,400/yr.
1 terraced 3 bed cost €141k 70% loan rent €13,200/yr.

Plan now is to release equity on freehold houses and purchase in a provincial town:

1. Terraced house with 2 x 1 bed apts, cost €90k rent €11,500/yr
2. Terraced house with 4 x 1 bed apts, cost €95k rent €19,500/yr

Finance using 100% interest only 15 years with sale at year 15 with interest payments 100% tax deductible at the moment.

Just wondering what are peoples views on this proposal.



Frequent Poster
Atport1, it is possible to sell a Section 23 property after 10 years of qualifying lettings and suffer no clawback, even where the loan related to the property has not been fully repaid. A new purchaser may be in a position to claim Section 23 relief depending on the circumstances.
It's good practice to provide a link when you copy & paste from a website.

That way, as well as recognising copyright, the context will be understood - you copied an answer from a question where someone had only owned the property for 5 years.

Irish times, April 22 2010.