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Second Mortgage Chances

  • 09-03-2016 10:57am
    #1
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭


    Hi I was wondering for some advice;

    I currently have a property (2-bed apartment) bought in 2008 with a mortgage of 216,000 euro- mortgage currently 198,000 euro left on mortgage. The property is approx 100,000 euro so i am around 100,000 euro in Negative..

    I want to trade up in the future as it is only a 2 bed apartment. I am currently renting it out at the moment and the rent covers the mortgage repayments. it is a tracker mortgage of 1.5%+0.25% ECB with PTSB. The apartment is in an ideal renting location and I could even increase the rent if needed be. I dont want to sell the apartment and want to keep it as an investment property.

    My salary is 45K and my finances is 40K. We have 90K in savings and no credit card debt, loans etc.
    I save 1,600 per month and my fiance saves 1,200 per month on top of we pay 400 euro per month on rent.

    I am looking into getting a property at approx 230K and getting a mortgage of 190K


    Any advice would greatly be appreciated.


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