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Buying a house to rent (first time)

  • 02-09-2023 11:04am
    #1
    ATC110
    Registered Users, Registered Users 2 Posts: 303 ✭✭


    The property is in Northern Ireland and would be modernised then rented out.

    Buyer is domiciled in ROI.

    The buyer would not meet lending criteria based upon their income but owns two other personal properties outright (one in NI, other in ROI).

    Is it possible to apply for a mortgage based upon the future rental income? Would the other properties need to be used as collateral?

    Can anyone advise on whether this is possible and the best approach to take with regard to lenders or brokers etc?

    Thanks in advance.



Comments

  • #2
    DubCount
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭DubCount


    I dont reckon a NI based lender will be interested in a ROI based collateral.

    Your best bet is to use a NI based mortgage broker.



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