Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Are banks still lending for buy to let mortgages?

  • 27-02-2013 12:55pm
    #1
    golfdiva
    Registered Users, Registered Users 2 Posts: 222 ✭✭


    Hi All

    I am looking at buying an apartment in Cork to rent out. I have half the purchase price in cash (€50K) and will need a mortgage to fund the rest.

    My plan is to live there eventually myself in years to come.

    Does anyone have recent experience in getting a buy to let mortgage?

    I’M just looking for advice which banks to approach or the best way to secure such a mortgage.

    Thanks


Comments

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


    golfdiva wrote: »
    Hi All

    I am looking at buying an apartment in Cork to rent out. I have half the purchase price in cash (€50K) and will need a mortgage to fund the rest.

    My plan is to live there eventually myself in years to come.

    Does anyone have recent experience in getting a buy to let mortgage?

    I’M just looking for advice which banks to approach or the best way to secure such a mortgage.

    Thanks

    The banks generally won't entertain a buy to let mortgage application unless the applicant owns their own home.


  • #3
    golfdiva
    Registered Users, Registered Users 2 Posts: 222 ✭✭golfdiva


    Luckily I have my own house as well. Although there is still about 20 years mortgage left on it.


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


    golfdiva wrote: »
    Luckily I have my own house as well. Although there is still about 20 years mortgage left on it.

    In that case they'd consider it. They won't factor any rental income into the equation and you'll need to show a proven ability to repay the stressed mortgage repayments on both your home loan and the new mortgage. If your income is sufficient to allow you to borrow the combined loan amount and you can show both facilities are affordable there's no reason why they wouldn't lend it to you.


  • #5
    jimmydkid
    Registered Users, Registered Users 2 Posts: 170 ✭✭jimmydkid


    I asked about a buy to let mortgage and they told me unless I had the payment capacity for the full amount I was wasting my time!


  • #6
    AfterHrsProp
    Banned (with Prison Access) Posts: 76 ✭✭AfterHrsProp


    jimmydkid wrote: »
    I asked about a buy to let mortgage and they told me unless I had the payment capacity for the full amount I was wasting my time!

    Just as a matter of interest, which bank/mortgage provider informed you of this? It sounds very strict


  • Advertisement
  • #7
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    AfterHrsProp wrote: »
    Just as a matter of interest, which bank/mortgage provider informed you of this? It sounds very strict

    Sounds reasonable to me to be honest.


  • #8
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    AfterHrsProp wrote: »

    Just as a matter of interest, which bank/mortgage provider informed you of this? It sounds very strict
    Standard now. Rental income is not factored in at all.


  • #9
    jimmydkid
    Registered Users, Registered Users 2 Posts: 170 ✭✭jimmydkid


    AfterHrsProp wrote: »
    Just as a matter of interest, which bank/mortgage provider informed you of this? It sounds very strict

    It was aib , I even offered to put up half of the money myself. A guy from ebs rang me last week and said they where back in the mortgage business but not for buy to let, he said there loan book is full of buy to let's that are in arrears so I suppose it's hard to expect them to take on more buy to let business.


  • #10
    smirker
    Banned (with Prison Access) Posts: 37 ✭smirker


    jimmydkid wrote: »
    It was aib , I even offered to put up half of the money myself. A guy from ebs rang me last week and said they where back in the mortgage business but not for buy to let, he said there loan book is full of buy to let's that are in arrears so I suppose it's hard to expect them to take on more buy to let business.
    I think the banks are trying to make rents go up so as to get the people in arrears with buy to lets out of trouble. That is what my bank manager told me when i went in for a financial review.


Advertisement