Sorry if this has been asked many times before.
My wife and I live abroad. Last year we bought a 2 bed apartment for 60,000 cash (no mortgage) in a small town in Ireland. We rent it out. We now want to purchase a second apartment, but this time with a mortgage. It's in Dublin and costs approximately 200,000 euro. My question is as follows:
Do banks in Ireland entertain the possibility of using one property (our 60,000 apartment) as collateral to secure a mortgage to purchase another property. We can probably scrape together about 30,000 deposit for the new apartment, but its just if they look for more of a deposit, I'm wondering will they accept the deeds on the first apartment?
Does anybody know the practice/likelihood of this being entertained?
My wife and I live abroad. Last year we bought a 2 bed apartment for 60,000 cash (no mortgage) in a small town in Ireland. We rent it out. We now want to purchase a second apartment, but this time with a mortgage. It's in Dublin and costs approximately 200,000 euro. My question is as follows:
Do banks in Ireland entertain the possibility of using one property (our 60,000 apartment) as collateral to secure a mortgage to purchase another property. We can probably scrape together about 30,000 deposit for the new apartment, but its just if they look for more of a deposit, I'm wondering will they accept the deeds on the first apartment?
Does anybody know the practice/likelihood of this being entertained?