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Mortgage issue & investment

  • 04-04-2011 10:07pm
    #1
    NoseyMike2010
    Registered Users, Registered Users 2 Posts: 420 ✭✭


    Hi,

    My partner and I currently own a flat but we are thinking of buying a house. We would like to keep the flat and rent it out as an investment. Lets say we would home to get 66% of the mortgage back in rent. We have paid 3.5 years of a 20 year mortgage. We have about 20k in savings for new house. We are in a very good area to rent. Does anyone know if we could get an extra mortgage for our new potential investment. Has anyone tried anything like this before and is it worth doing. Please advise.

    I'd be interested to hear opinions and what potential traps there are for us.
    Mike


Comments

  • #2
    Treehouse72
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭Treehouse72


    NoseyMike2010 wrote: »
    I'd be interested to hear opinions and what potential traps there are for us.
    Mike



    Trap #1 is that property prices are falling at a rate of no less than 1% per month and will do for at least 2 more years. On an average Dublin house price, that's €2,300pm, in addition to costs of ownership and, in your case, costs of ownership x 2.

    Not sure you need to go searching for another trap to be honest.


  • #3
    maddragon
    Registered Users, Registered Users 2 Posts: 590 ✭✭✭maddragon


    Rent out your apartment and rent out a house in the area you want to live. I'ld be surprised if the banks give you a mortgage tbh. Have you got approval. Friend of mine who is a GP just got turned down for a mortgage!


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