Mortgage Interest Relief & Renting Property

[jdpl28]

Hi,

I bought a property 3 1/2 years ago as a first time buyer. I now have to rent out the property for 3 years - so wondering:

- Do I have to pay the revenue the difference in the lower stamp duty I paid at the time due to being a first time buyer? I was under the impression that if renting out before 5 years the revenue would claw back this initial relief.
- Do I loose my mortgage interest relief?

thanks,
Justin

 

[WaterSprite]

(1) The 2007 Budget changed the clawback period to 2 years so you shouldn't have to pay back stamp duty if you rent it out now
(2) yes, you lose TRS (you need to inform Revenue when it ceases being your PPR) but you can claim 75% of mortgage interest payments against rental income.

Also, see this thread for info.