2nd Mortgage application

Dublin32

Registered User
Messages
28
Any general thoughts on the following would be appreciated. I intend to approach the banks but wanted views on how i should approach the following with the banks:

10 Years into current first home and mortgage in my own name. Have 125k remaining on current 150k value. Looking to rent this out at 12k pa. I know that the rental element may/will not be considered by the banks. Looking to buy a larger family home up to 300k in value. Looking for up to 50%LTV on the second mortgage. So total mortgage debt of 275k on value of 450k. One income at the moment of 50k pa.

Many thanks for your views
 
I would doubt it, you're looking at over 5 times your gross income and I presume there are kids involved which the banks tend to use to seriously discount your disposable income.
 
The first Question to ask is do you want the hassle of becoming a landlord? Its not all rosy.
 
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