Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Advice on Mortgage Interest Relief

  • 13-06-2012 10:08pm
    #1
    rocketman2010
    Registered Users, Registered Users 2 Posts: 23 ✭


    I recently got a property transferred into my name by a family member.

    The house is basically a shack and needs complete gutting and renovation.

    With house prices in my area offering particularly good value at the moment I was going to buy a house/home to live in as I am renting.

    My question is will I not be classed as a first time buyer (for MIR purposes) If i buy a house because of the fact I now own another house? Even though I have never lived in this house?

    I would like to do buy and maybe in a few years renovate the old house and rent it out?

    I could always renovaate old house and live in it now but it is small and might not be big enough down the line so Im afraid I will end up buying again in a few years and house prices will have gone back up?

    Any advice on situation appreciated


Comments

  • #2
    Rightadvice
    Registered Users, Registered Users 2 Posts: 11 ✭Rightadvice


    Hi,

    As you now own a property, you are no longer a first time buyer when it comes to buying another property.

    Is there a mortgage on the current property? is tras being claimed on it at present? some more info here...http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

    hope it helps

    Regards,

    Robert


  • #3
    rocketman2010
    Registered Users, Registered Users 2 Posts: 23 ✭rocketman2010


    Thanks Rightadvice,

    I contacted Revenue directly and they told me that because I don't/never had a mortgage on my current property then I would be entitled to tras if I was to take out a mortgage. This is the understanding I also got from the revenue webite.

    Is there any other advantage/disadvantage of not being classed as a First Time Buyer?

    Thanks


  • #4
    Rightadvice
    Registered Users, Registered Users 2 Posts: 11 ✭Rightadvice


    no once the revenue have confirmed you are ok to claim tras there should be no dis-advantage. The stamp duty on the property you buy should be 1% (up to 1million 2% after that).

    Assuming there is no mortgage on the current property & you have no financial commitments to it, it should not affect your mortgage application.

    I offer a mortgage service & deal with the main lenders in ROI, so if you ever need any help with it you can visit www.rightadvice.ie my contact details are there also.

    Regards,

    Robert


Advertisement