Novice

[TX1]

I'm thinking of taking out a buy to let mortgage early next year. There are a few q's i need help with though.

1. I will be looking for an interest only mortgage. Most lenders seem to do 5 or 10 years interest only mortgages but how can i secure interest only for the term?

2. I have also read that i can claim tax back on the purchase price, hence, regaining my outlayed deposit. Anyone got more info on this.

The house i'm going for is in Armagh. it is €165000. The rent in that area for a 4 bed is €775 per month. I have an apartment that i bought (less deposit) for €142500 and is now worth €275000.

Any info much appreciated as i am still researching.

 

[ClubMan]

1. I will be looking for an interest only mortgage. Most lenders seem to do 5 or 10 years interest only mortgages but how can i secure interest only for the term?

Many lenders do interest only for the full term for investment properties as far as I know. Have you shopped around directly or via a broker?

2. I have also read that i can claim tax back on the purchase price, hence, regaining my outlayed deposit. Anyone got more info on this.

Not sure what you mean about claiming tax back on the purchase but the normal investment property tax treatment should apply.

The house i'm going for is in Armagh. it is €165000. The rent in that area for a 4 bed is €775 per month. I have an apartment that i bought (less deposit) for €142500 and is now worth €275000.

You might need to check if/how the Irish tax treatment relates to foreign property investments. There are several discussions on this issue already. Sounds to me like you need to get independent, professional advice on the tax and investment aspects of this opportunity.

 

[CCOVICH]

The house i'm going for is in Armagh. it is €165000. The rent in that area for a 4 bed is €775 per month. I have an apartment that i bought (less deposit) for €142500 and is now worth €275000.

I presume that you will be buying and charging rent in sterling rather than euro and that the figures you have quoted are based on current exchange rates? Any weakening of the euro against sterling would therefore have a negative impact on your income and the value of your propery (in euro equivalents)?

 

[oulu]

NIB do 25 yr interest only option

I'm thinking of taking out a buy to let mortgage early next year. There are a few q's i need help with though.

1. I will be looking for an interest only mortgage. Most lenders seem to do 5 or 10 years interest only mortgages but how can i secure interest only for the term?

2. I have also read that i can claim tax back on the purchase price, hence, regaining my outlayed deposit. Anyone got more info on this.

The house i'm going for is in Armagh. it is €165000. The rent in that area for a 4 bed is €775 per month. I have an apartment that i bought (less deposit) for €142500 and is now worth €275000.

Any info much appreciated as i am still researching.