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jv-
I think I'd be hit with enough income tax on renting it out that it wouldn't make it viable.
In an ideal world we'd just port the mortgage to RoI where we have family outside of the city, but that's not all rosy either. Personal tax is crippling in Ireland (you're into the higher rate of income tax at 33k EUR, motor tax is higher, tax on food and drink is higher, and healthcare is not free), and infrastructure is woeful.
You'd think not being tied to a location with work is a godsend, but actually it makes picking a location to live even more confusing. The only criteria now is access to fibre power broadband.
Colm89
Mrs. Colm89 and I are starting to seriously explore our options for moving out of London.
We bought a one bed house in Camberwell nearly 2 years ago and absolutely love the area (if I'm honest I'd stay there if we could afford a two bed), but i now work fully remotely and herself is setting up an online business so we don't need to be in London anymore.
We're both Irish and don't have much family here (her sister and sisters husband live in East Dulwich), so want to be within an hour of London to meet up with friends occasionally. We toyed with a move back to west of Ireland where she's from, but based on our current circumstances we'd be better off staying in the uk (tax is lower, health care is free). Add to this the fact we're 2 years into a 5 year fixed term mortgage that can't be ported to RoI, and no desire to live North of the border. Even if we made profit on our current house it would be tough to stump up the 10k to buy ourselves out of the fixed term.
We're looking at 3 beds in Kent (Sevenoaks, Tunbridge Wells etc) within a train ride of London. Problem is, we've never really spent a great deal of time outside of London, so how do people in this situation settle on a location? Is it just a case of finding a house you like and living with the location? Renting for a while isn't really an option.