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Mortgage based on rental potential

  • 29-03-2016 07:46PM
    #1
    Eniledam
    Registered Users, Registered Users 2 Posts: 19 ✭


    I own a property in Ireland that I have to pay CAT on. I am resident abroad and my work is contract based.

    I can achieve a rental income of about Euro 2,200 per month for the property and it should let quickly due to the location. I will be looking for a mortgage between 10 and 15% of the property value I.e around Euro 50,000. There are no mortgages on the property currently.

    Should I have difficulty obtaining the mortgage, what would the repayments be like over 10 years and should I apply through a mortgage broker or directly to institutions myself.

    Any advice appreciated.

    Thank you.


Comments

  • #2
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    It depends on your own personal circumstances where you live as to whether you will get the mortgage you require. There was a new Mortgage Credit Directive which came in to place in March which has caused some lenders to no longer offer mortgages to people that are living outside of Ireland. Speak with a broker who can give you a better idea who will allow you to raise the funds you require.


  • #3
    Eniledam
    Registered Users, Registered Users 2 Posts: 19 ✭Eniledam


    Hi Paul,

    Thank you for your reply.

    Kind regards,

    Eniledam


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