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Getting mortgage for second house

  • 18-06-2018 3:46pm
    #1
    Fermi
    Registered Users, Registered Users 2 Posts: 144 ✭✭


    Hello all,

    wondering if anybody can help me with the following situation.

    Myself and second half have a house in Mayo, there is 15 years left in the mortgage, the remaining mortgage is about 50k and house value is about 85-100k according to the local auctioneer.

    I have found a work in Galway and we would like to move closer to the city due to long commute I have. I spoke to my bank about possibility of getting a second mortgage, we would need about 170-200k. As our combined income is about 47k annually and we have a small child, they said this would not be an option.

    So I feel a bit stuck, we can we do?

    Can anybody provide any advice?


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    Difficult one. General rule of thumb is about 3.5 x salary which is €164,500 in your case. That's with no other loans. I think you may have to sell the Mayo house before you go again.


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