S
Scanno
Guest
Hi, hoping a mortgage broker might have an idea as to whether we would qualify for a mortgage or not. We are a joint income family with two young children. My spouse is on 52000 per annum in a permanent job, professional sector. I have gone back to college and am doing a funded PhD with an annual tax free stipend of 18000. Prior to this I was in industry and my annual salary was 65000. I would expect in approximately two to three years to go back to an equivalent or higher salary.
We already have a mortgage of 280,000 on a house worth ( estimating due to current climate) maybe 450000. It was valued two years ago at 650000. Who knows what it is worth! This is rented out and we receive 900 per month rental income. We are registered with PRTB, declaring the income etc. Stamp duty clawback does not apply to us as we built it ourselves and only paid stamp duty on the site. It is at present split between 220000 on an interest only mortgage which is a tracker at .75% over ECB. The balance is a variable repayment rate. We went interest only a year ago when we had unexpected costs in relation to the house- some work needed to be done on it.
Now we are also renting at 900 per month. We had to move due to jobs/university opportunity. We tried to sell the first house but it didn't sell. Rather than leave it on the market we decided to rent it out. Longterm we would probably prefer to sell, although it is in an area where there is very good demand for rental so luckily we do not have a problem renting it out.
Question is whether we could qualify for a second mortgage, rather than renting we would prefer to buy. This may be a pipedream though, wondering what a mortgage broker would think, TIA.
We already have a mortgage of 280,000 on a house worth ( estimating due to current climate) maybe 450000. It was valued two years ago at 650000. Who knows what it is worth! This is rented out and we receive 900 per month rental income. We are registered with PRTB, declaring the income etc. Stamp duty clawback does not apply to us as we built it ourselves and only paid stamp duty on the site. It is at present split between 220000 on an interest only mortgage which is a tracker at .75% over ECB. The balance is a variable repayment rate. We went interest only a year ago when we had unexpected costs in relation to the house- some work needed to be done on it.
Now we are also renting at 900 per month. We had to move due to jobs/university opportunity. We tried to sell the first house but it didn't sell. Rather than leave it on the market we decided to rent it out. Longterm we would probably prefer to sell, although it is in an area where there is very good demand for rental so luckily we do not have a problem renting it out.
Question is whether we could qualify for a second mortgage, rather than renting we would prefer to buy. This may be a pipedream though, wondering what a mortgage broker would think, TIA.