Transferring part of mortgage to investment property

H

Hayman

Registered User
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Hi, I'm trying to buy an investment property and what I'm hoping to do is take a portion of my mortgage in relation to my main residence and transfer it onto the investment property - I heard that banks allow borrowers to transfer mortgage or part of a mortgage under certain circumstances and I'm wondering if what I'm hoping to do is possible......
 
You will only get tax relief on interest on loans used to acquire a property.

So if you borrow €100k to buy a new property then it qualifies. If you transfer a loan on your PPR and use savings to buy it then it does not qualify.
 
Thanks Joe. Am I not essentially borrowing from myself or my PPR mortgage to acquire the investment property though?
 
I take transfer to mean you have an existing loan which you wish to reclassify as an investment loan. This won't work.

If you wish to borrow new money and purchase the property and use your savings to pay off your home loan that's fine.
 
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