housebound
Registered User
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- 23
House (A) , Mortgage type Home Loan - Tracker >80% <500K ECB+1.10%;
Myself and my husband bought our first home Mid 2002 (bought @190K with a 173K mortgage. Currently ptsb tracker of 1.1%, 106k over 15yr term left to pay, current monthly repayment €640. Value 280k)
We looked to trade up end 2008/2009 however houses were not selling fast. While our house was on the market we found our trade up house and a mortgage broker managed somehow to get us a mortgage with AIB for that while still owning the ptsb tracker house.
House (B); Second home Bought in Nov 2009 and is our current PPR (Bought @415k with a 381K mortgage. currently AIB variable rate 3.4%, 345K remaining over 22 yr term. Current monthly repayments €1,581. Value 550K )
We have mainly had family or friends live in house (A) since we moved to house (B) however the house will become vacant start April and we are busy with a house of kids and don't want to be landlords.
As there is a decent equity in house (A) now we think its probably time to sell and put that money into house B to reduce that mortgage as the repayments are high (€1581 pm).
Q1; Would ptsb allow us to use their tracker portability option so that we could pay off house A but move the tracker to our current PPR house B. Granted we are outside the terms as it generally applies to when you are selling your home and buying within 6 months whereas we are selling and have already got our home. Kind of like a tracker portability switcher mortgage?! Any chance or am am being too optimistic/hopeful/naïve....
Q2; What would be the actual CGT liability for the sale of house A if it sold at 280K, bought at 190k (we closed on house B end Oct 2009 and moved into it then so when technically did house A cease to be our PPR).
Im not sure exactly how to work out the CGT on a pro rata basis as it definitely was our ppr from 2002 to 2009 so 7 years and likewise it hasn't been our ppr from 2010 so also 7 years.
hope this all make sense to someone. I would appreciate your thoughts, many thanks
Myself and my husband bought our first home Mid 2002 (bought @190K with a 173K mortgage. Currently ptsb tracker of 1.1%, 106k over 15yr term left to pay, current monthly repayment €640. Value 280k)
We looked to trade up end 2008/2009 however houses were not selling fast. While our house was on the market we found our trade up house and a mortgage broker managed somehow to get us a mortgage with AIB for that while still owning the ptsb tracker house.
House (B); Second home Bought in Nov 2009 and is our current PPR (Bought @415k with a 381K mortgage. currently AIB variable rate 3.4%, 345K remaining over 22 yr term. Current monthly repayments €1,581. Value 550K )
We have mainly had family or friends live in house (A) since we moved to house (B) however the house will become vacant start April and we are busy with a house of kids and don't want to be landlords.
As there is a decent equity in house (A) now we think its probably time to sell and put that money into house B to reduce that mortgage as the repayments are high (€1581 pm).
Q1; Would ptsb allow us to use their tracker portability option so that we could pay off house A but move the tracker to our current PPR house B. Granted we are outside the terms as it generally applies to when you are selling your home and buying within 6 months whereas we are selling and have already got our home. Kind of like a tracker portability switcher mortgage?! Any chance or am am being too optimistic/hopeful/naïve....
Q2; What would be the actual CGT liability for the sale of house A if it sold at 280K, bought at 190k (we closed on house B end Oct 2009 and moved into it then so when technically did house A cease to be our PPR).
Im not sure exactly how to work out the CGT on a pro rata basis as it definitely was our ppr from 2002 to 2009 so 7 years and likewise it hasn't been our ppr from 2010 so also 7 years.
hope this all make sense to someone. I would appreciate your thoughts, many thanks