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Mortgage and tax

Shannonsider · 2010-10-12 11:02:45

Hi folks, I bought a 1 bed apartment (as my primary residence) 3 years ago and am paying a mortgage. I plan to buy a site soon and rent the apartment. I am wondering is it more beneficial to try and pay the mortgage off sooner so as to avail of greater credit for my second purchase? or reduce my mortgage repayments in…

12-10-2010 11:02am

#1

Shannonsider

Registered Users, Registered Users 2 Posts: 301 ✭✭

Join Date: February 2009

Posts: 221

Hi folks,

I bought a 1 bed apartment (as my primary residence) 3 years ago and am paying a mortgage. I plan to buy a site soon and rent the apartment.

I am wondering is it more beneficial to try and pay the mortgage off sooner so as to avail of greater credit for my second purchase?

or reduce my mortgage repayments in order to avail of any tax advantages to be gained on the interest

(say I've rental income of 1k, a mortgage of 1,200 of which 200 is interest, how would my tax be calculated at the end of the year?)

Any help or advise is greatly appreciated

0

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