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Mortgage pay off scenario

  • 02-11-2022 7:48pm
    Registered Users Posts: 945 ✭✭✭

    I am planning to buy a property on my own where I would have a small mortgage. I would plan on having this paid off in 10 years and then moving onto forever home with herself. I could possibly then sell this and be in a very strong position for the second house.

    What if I buy a more expensive property now though and then in years to come I'm going for a mortgage with herself where I have a 100k mortgage hanging over my head.

    How much of an issue would that be?



  • Registered Users Posts: 1,039 ✭✭✭DubCount

    The first thing I would say, is that you only get to be a first time buyer once. If you are buying again in 10 years time, even with someone else, you will be subject to second time buyer rules.

    If you are trying to buy another property while still having a mortgage on another property, your capacity to repay will be assessed on both mortgages which may impact on what you can borrow for the second property. Not a problem if you sell and repay the 1st mortgage, but it is an issue if you plan to hold onto the first property.

  • Registered Users Posts: 1,273 ✭✭✭The Spider

    Depends if the property is worth substantially more than the mortgage, and if it’s generating decent rental income then the bank will give you a loan no problem, but chicken and egg no one knows what way this is going to go market wise, ha if we did we’d all be millionaires.