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Going for 2nd Mortgage

Smcgie · 2009-11-22 12:10:47

I know with all the doom and gloom I'm lucky to be even thinking about this :) but i am considering buying a second property. As i already own 1 what are the implications on the second mortgage? The house is approx €120,000 I have at least 20% of this covered with savings. So i would be looking for around 80% of a second…

22-11-2009 12:10pm

#1

Smcgie

Registered Users, Registered Users 2 Posts: 1,379 ✭✭✭

Join Date: March 2008

Posts: 1221

I know with all the doom and gloom I'm lucky to be even thinking about this but i am considering buying a second property. As i already own 1 what are the implications on the second mortgage?

The house is approx €120,000
I have at least 20% of this covered with savings.

So i would be looking for around 80% of a second mortgage. I think it will have to be an investment mortgage and therefore probably at a higher interest rate?

Anyone been here lately that wants to shed some light on it? Thanks for any help.

S

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