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Mortgage Questions

Jimbo · 2008-07-19 19:46:57

Hey, I'm entertaining the idea of buying a house to rent in my home town, which I may move into in the future. I know it's not the ideal economic climate to be purchasing but the price is good -$285k- and it's in a great location. This will be my first house and I have a few questions about mortgages before I start talking…

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19-07-2008 8:46pm

#1

Jimbo

Closed Accounts Posts: 2,379 ✭✭✭

Join Date: October 2007

Posts: 2304

Hey,
I'm entertaining the idea of buying a house to rent in my home town, which I may move into in the future. I know it's not the ideal economic climate to be purchasing but the price is good -$285k- and it's in a great location. This will be my first house and I have a few questions about mortgages before I start talking to brokers.

1. Will mortgage companies take into account the income I recieve from renting?
2. Generally, what percentage of the mortgage does your nett yearly income have to be?
3. I presume if I am buying to rent (albiet for the first couple of years) I get no relief on stamp duty?

Thanks in advance

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