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2nd mortgage or Granny flat investment?

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  • 28-03-2021 11:48pm
    #1
    FrankC21
    Registered Users Posts: 806 ✭✭✭


    Hi

    My wife and I are thinking of either taking out a second mortgage to buy a bit bigger property than we are in now and rent out the current house we live in or building a granny flat as a rental investment in our back garden in 5 years time.

    *Current house estimated rental value €1300-€1500 close to shops and big general hospital.

    *Granny flat estimated rental value €800-€1000


    Current mortgage €850 monthly with 5 years fixed rate term.

    We have a 6month old baby.

    Is it possible to have 2 mortgage? We have 5 years to save for a deposit for 2nd mortgage if decided to go this route or capital to build granny flat.


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    #2
    scouserstation
    Registered Users Posts: 328 ✭✭scouserstation


    FrankC21 wrote: »
    Hi

    My wife and I are thinking of either taking out a second mortgage to buy a bit bigger property than we are in now and rent out the current house we live in or building a granny flat as a rental investment in our back garden in 5 years time.

    *Current house estimated rental value €1300-€1500 close to shops and big general hospital.

    *Granny flat estimated rental value €800-€1000


    Current mortgage €850 monthly with 5 years fixed rate term.

    We have a 6month old baby.

    Is it possible to have 2 mortgage? We have 5 years to save for a deposit for 2nd mortgage if decided to go this route or capital to build granny flat.

    The chances of getting planning permission to build a granny flat in your garden is quite slim, so that idea could be out the window already, unless you do it on the qt and pretend your just building a cabin as a home office or playroom


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