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Any Mortgage

  • 01-10-2012 3:26pm
    #1
    Eircom_Sucks
    Registered Users, Registered Users 2 Posts: 3,193 ✭✭✭


    2 single people , both have 2 property each , 1 a house and 1 an apartment , both rented out longterm lease's

    18k in the bank saved , living in old family home rent free so the rent is covering our mortgages at the min

    combined income €117K

    any chance a bank would give us a mortgage to buy our own home together ??? as we both bought these before we met and in this climate in negative equity , so best hang tight for the min

    basically i wanna know is there any point saving our asse's off to get our own home or will the bank politely say fook off


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Properties in negative equity so this will be considered. I would say unlikely. Your income needs to be looked at. The income you get does this include income from rental properties? How much goes out on four properties?

    How longterm are leases? Would you not just move into one if your 4 properties when lease up if in next few years? Obviously if location suits.


  • #3
    Eircom_Sucks
    Registered Users, Registered Users 2 Posts: 3,193 ✭✭✭Eircom_Sucks


    chris85 wrote: »
    Properties in negative equity so this will be considered. I would say unlikely. Your income needs to be looked at. The income you get does this include income from rental properties? How much goes out on four properties?

    How longterm are leases? Would you not just move into one if your 4 properties when lease up if in next few years? Obviously if location suits.


    we have 1 property each , we dont want to bring our kids up in these area's

    there rented in yearly lease's ( yes that means f all today ) the rent covers the mortgage on both

    the income is solely from work and atctge monent does'nt subsidise the mortgages


  • #4
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Eircom_Sucks wrote: »
    we have 1 property each , we dont want to bring our kids up in these area's

    there rented in yearly lease's ( yes that means f all today ) the rent covers the mortgage on both

    the income is solely from work and atctge monent does'nt subsidise the mortgages

    The amount of a new mortgage you will qualify for will depend on your net monthly income, less the stressed repayments on both existing mortgages and new proposed mortgage and you will still have to have enough money left over each month to live on as per a Banks guidelines i.e circa €2kPM for a couple with no dependents. They will factor in a % of the rental income being achieved towards the application. The most important part is that you are able to prove you can afford the stressed mortgage repayments on all 3 mortgages without being over reliant on the rental income. Seeing as you are living rent free at the moment the only real way you have of proving your ability to repay the mortgages is by way of your monthly savings contribution (or personal loans recently completed) so you will need to be putting a substantial amount away each month to be able to show you have the capacity to take on a 3rd mortgage.


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