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Getting second Mortgage

mel123 · 2007-04-10 12:12:48

Seeing as my apartment is not selling, I am considering keeping it to rent out and buying a second property to live in. I have my current mortgage with PTSB and rang them to see what the qualifications are. They said joint income over 60k but they only give 29% mortgage. I live in Dublin so I am proably looking at spending…

10-04-2007 12:12pm

#1

mel123

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Seeing as my apartment is not selling, I am considering keeping it to rent out and buying a second property to live in. I have my current mortgage with PTSB and rang them to see what the qualifications are. They said joint income over 60k but they only give 29% mortgage. I live in Dublin so I am proably looking at spending 450-500 on a house of my choice. HOwever, i defo dont have the other 8% saved for a deposit. Just wondering ways around this...can i go to the bank and get a loan for this...perhaps say Bank of Ireland, or credit union?? Not too sure how it works. Any tips??

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#2 10-04-2007 12:17pm

[Deleted User]
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You would probably have to lie (definately not good) when applying for that kind of a loan,
no tips for you Im afraid unless the rent would not cover the mortgage on the apartment, then I would lower the price until its sold.
Keeping the apartment means that if you sell it in the future you are liable for capital gains tax.
Also there are tax implications with regard renting the apartment. Have you ever been a landlord before?

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#3 10-04-2007 12:18pm

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oh and you seriously need to look at how comfortable you would be if interests rates go up again. There is talk that rates *may* hit 4.5% by the end of the year but we will hear more about that when the ECB hold their conference in Dublin.

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#4 11-04-2007 2:25pm

Zambia

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I would just sell the apartment , a decent place always sells you just need to find its price plateau.

On the Bubble thread they are folks looking for apartments , but they are looking for a decent deal.

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#5 19-07-2012 12:54pm

familyman5

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Same topic, new decade!

I have a property (currently rented) and am trying to buy another house (I'm renting myself in the meantime).

I now understand that rental income is discounted heavily (50%+) by banks when considering how much more you can borrow. And also that repayments are stress tested at interest rates of close to 7%, even though my existing property is on a tracker @ 1.95% (yipee for me).

These 2 factors are having a huge affect on what I can hope to borrow, according to our mortgage broker - has anyone got any extra information on this? specific banks? similar experiences?

Thanks

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#6 19-07-2012 4:50pm

Eddie2008

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I posted briefly how we it here: http://www.boards.ie/vbulletin/showthread.php?t=2056705745

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