Thanks Marg,
Working the figures more accurately €470 would be the repayment on the top up, of which €100 would be off the principal and subject to tax, but I expect expenses, such as house insurance etc will come to 100 a month and negate the tax payment. I am reducing the principal on the mortgage. The northern mortgage will cost me €239 which is interest only. So combining the top up and northern mortgage payments that comes to 709, but I am paying off the principal on the top up. If I went interest only on the Northern mortgage the repayment would be €718 and I'm not paying off any principal. The down side is I'm subject to exchange rate fluctuations ! So I'm trying to work out the expenses of doing it either way and figure out which is cheapest, and the least hassel.
I presume (please correct me if I'm wrong) that I can take the rent tax-free as long as I've registered with the UK inland-revenue and the irish revenue that I am making an income but I'm paying the tax (if any) in the republic ?
Do you know whether I'd pay Irish or UK CGT if I decided to sell ?
I'm only starting to look into places to purchase, I wanted to figure out the repayments before I knew how much I could spend on a property. I was considering purchasing around the Ormeau Road area. There are also new developments due for release soon, the titanic quarter and victoria place. I'm not sure about buying an appartment, I've read it's better to buy a house rather than an appartment, plus appartments have management rates etc !