Mortgage in Ireland and Working in US

  • Thread starter richardmhennessy
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richardmhennessy

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Hi,
I have a mortgage here in Ireland with a few months but and heading to the US to work for 2 or 3 years. Is there anything I need to be aware off regarding the mortgage before I head off?I will be transferring money into my current account from the US to service the mortgage repayments, my savings plan and my SSIA. Just wondering if anyone has been in this situation before and might be able to pass on any adivce/hints/tips?

Thanks in advance
 
Hi Richard,

Coupla thoughts - I presume you are going to be letting your property so you must let your household insurance company know and also the revenue as you will no longer be eligible for tax relief on your mortgage. And I *think* that you will have to stop contributing to your SSIA if you are no longer paying tax in Ireland?

Sarah

www.rea.ie
 
Thanks for your reply Sarah.
Once property is built (only half finished at moment) then I will get my dad to try and organise the letting.Didn't think about the SSIA! :-( Will I lose all the extra money I have gained from it (i.e. 25%). Maybe I should just keep the direct debit going and maybe nothing will be said?
Thanks
 
You will have to have an agent acting on your behalf in dealing with the revenue and will have to file a tax return each year my mother does it for me , my father looks after the maintenance . In addition to having someone looking after the property it would confirm with your parents your desire to return, this will help them cpoe better with you being away
Be on the lookout for the best exchange rates , in the last few years the value of the dollar to the euro has declined by about 50% , i was lucky as i transfered a good amount of money into euros at $1.06 and have been using that to supplement the rent i receive to pay the bills etc since then

will be back with more as it occurs to me

mikeyny
 
stamp

If you are in your property less than five years, and you are planning on letting it, you'll have to pay stamp duty at the rate that an investor would have paid when buying it. This can prove a real problem for people moving abroad. The clawback operates at full value until the very end of the five years :(
 
Re: stamp

You do not have to stop paying into your ssia.

You are eligible to have an ssia if you are resident or ordinarily resident in Ireland.

If you leave this year you will remain ordinarily resident in Ireland for the next 3 years. Even if you started your ssia on the last day you will still be ordinarily resident when it matures.

Be very careful about the declaration, particularly because you'll be away when it matures. You must sign an ssia4 form on maturity. If you do not sign this form you will be taxed on the whole amount as if you cancelled it early. Make sure your folks keep an eye out for the form and send it to you well in time.

Dev.
 
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