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Second Mortgage Application First mortgage negative equity

  • 08-11-2016 1:38pm
    #1
    lbyrne121
    Registered Users, Registered Users 2 Posts: 206 ✭✭


    [font=Calibri","sans-serif]Hi

    I was wondering if someone can give me some insight before I go to a mortgage advisor;

    Current situation; Own a two bed apartment valued at 110,000 with a mortgage outstanding of 195,000 therefore in negative equity. On tracker mortgage at a rate of 2% with Ptsb.
    Myself and my husband want to buy a property that is bigger and don't want to sell this property but keep it as an advestement. The repayments are 650 per month and we rent it out at 740 per month.

    My husbands income: 43,000 per annum
    My Income: 35000 (I work in Northern Ireland but Live in the Republic therefore I am classified as a foreign currency mortgage and only banks that deal with this are BOI, UB, AIB and ESB). PTSB and KBC do not lend to foreign currency mortgages

    Savings; Save 3,100 per month and pay 325 in rent per month
    We currently have 75K in savings
    We have credits card but with nothing on them.
    We have no loans etc.

    We are looking for a mortgage of approx. 240K , What are the chances of getting a mortgage?

    Will the banks just say no?

    Really would like some advice. [/font]


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