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Second mortgage- is this achievable?

Pennstate · 2014-09-13 11:19:24

Hi, hoping someone can advise about what bank we should approach or how we should approach them with this query. My husband and I own a house in Sligo. It is our primary residence but my husband works 3-4 days a week in Dublin so we also rent an apartment there. We have 2 renters in the Sligo house Monday to Friday who…

13-09-2014 11:19am

#1

Pennstate

Registered Users, Registered Users 2 Posts: 1 ✭

Join Date: September 2014

Posts: 0

Hi, hoping someone can advise about what bank we should approach or how we should approach them with this query.

My husband and I own a house in Sligo. It is our primary residence but my husband works 3-4 days a week in Dublin so we also rent an apartment there. We have 2 renters in the Sligo house Monday to Friday who pretty much cover the mortgage. We're quite sick of paying rent in Dublin and are wondering if we could buy an apartment or small house. We are regularly in Dublin together so it's not an option not to have a rental or house up there.

We're only a year into our mortgage so not sure what the banks would say.

Could anyone advise-
1) are banks giving second mortgages?
2) would the bank consider the second property a buy to let when we won't have lodgers, it would just be our Dublin base?
3) What sort of deposit do we need?
4) are there any tax implications that I should consider other than the annual tax on second homes?

Here are details of our financial situation:
Net income- €7k per month
Lodgers in Sligo- €800 per month
Savings- €30k

Mortgage repayments- €890 per month
Dublin rent- €1350
Car loan- €400 per month
Saving scheme- we save €1100 per month

We don't have children and are both aged 32.

We would really appreciate any feedback or direction, spending €16800 on rent per year doesn't make sense anymore and we'd like to buy a place for €200k approx and instead pay a mortgage of €12k per year

Thanks

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