Has anyone gotten mortgage approval while having to keep their current property?

D

Daisy09

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Just wondering if anyone has approached the banks about aquiring a mortgage, when they already have one property that can't be sold due to negative equity but would rent easily?
 
Thought we answered this one before not that long ago, things are not getting any better in banking, best bet is to try a few of them.
 
As things have gone so bad I was just wondering if anyone was able to do this at all. This query relates to a family member...defo don't think there is any hope in my situation with two propertys already in neg eq.
 
New guy said:
Just wondering if anyone has approached the banks about aquiring a mortgage, when they already have one property that can't be sold due to negative equity but would rent easily?
Click to expand...


I did. Got 80% from EBS in June. House renting which just about covered the mortgage. Did not buy in the end though.
 
Just because EBS did it for nokia, doesn't mean EBS will do it for New guy. A critical factor will be EBS (or any lender's) assessment of how well you can afford to support both mortgages based on your earned income. They will discount the rent by some factor of their own.
 
Also interested in this.
We have just been refused a mortgage because I already have a property. It's in neg equity but the rent I get from it covers the mortgage repayments. AIB and BoI both told me that they are not giving second mortgages to people unless their income can cope with servicing both mortgages if interested rates are increased by 4%.
 
I got a 2nd mortgage recently, whilst still owning my 1st house, which was then rented out due to lack of sales opportunity.

But 1st house wasn't in NE, as I bought it a while back.
 
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