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Chance of a new property? Mortgage question

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  • 07-01-2015 6:49pm
    #1
    tokidokiame
    Registered Users Posts: 19 ✭


    I have a apartment in Dublin that's worth about 330-350k and the mortgage is fully paid. My own job is on and off and I'm not fully employed. If I had 30/40k as a deposit, put my own apartment up as collateral and got a parent to go guarantor would I have a chance?

    Thanks guys

    Toki


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    #2
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    tokidokiame wrote: »
    I have a apartment in Dublin that's worth about 330-350k and the mortgage is fully paid. My own job is on and off and I'm not fully employed. If I had 30/40k as a deposit, put my own apartment up as collateral and got a parent to go guarantor would I have a chance?

    Thanks guys

    Toki

    How do you happen to have an apartment worth that, that's mortgage free?

    If you want to buy another property why not sell the one you own?

    Why would you want / why would you reasonably expect a bank to lend, collateral or not, to someone with no permanent employment and no ability to meet mortgage payments?

    I really don't understand why someone would take on debt that they can not service.


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    #3
    tokidokiame
    Registered Users Posts: 19 ✭tokidokiame


    I was very successful before the recession designing military laser guided missiles for the USA. I currently live in that property and I want another property to let.


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    #4
    Atlantic Dawn
    Registered Users Posts: 81,501 ✭✭✭✭Atlantic Dawn
    M


    No chance if you have no steady income before you are even taking out the mortgage.


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    #5
    Glenbhoy
    Registered Users Posts: 1,852 ✭✭✭Glenbhoy


    tokidokiame wrote: »
    I was very successful before the recession designing military laser guided missiles for the USA. I currently live in that property and I want another property to let.

    certainly hit the target with that job!! Did the recession have that big an impact on your chosen profession, I would have thought that some things are relatively recession proof, especially with the US fed pumping money into their economy like they did.

    Anyway, that's moot, I would certainly consider selling the apt right now, with the cgt exemption gone, I see it as likely that peak 2 in terms of apartments has now been reached, a quick look at the ppr, shows just how many apts were bought by large investment funds, will that continue - i don't think so, but then I've been calling the top of this for the past 12 months.


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