Hi, I'm a newbie on this forum so I hope I'm keeping within the guidelines.
Myself and my husband are thinking of buying a property as an investment.
We are both self employed, husband on a contract which should be safe for next couple of years. I am doing sporadic consultancy work for the company I previously worked for but am in the process of setting up a company in the design field. (Kids growing up so going to work more full time now)
Our current gross combined income is approx €90k. (Husband €80k, me approx €10k on a very part time basis)
Property of interest is asking €200k. Potential rent will be €900 pm but we believe strongly that it has growth potential over the coming years. I suspect due to the supposed instability of the above we wouldn't be able to obtain a BTL mortgage. If we could secure say a €50k mortgage does this make sense?
We have savings of €240k and shares currently worth €50k. Savings are in an almost zero yield deposit account. We have no loans and have an outstanding tracker mortgage of €170k on our home which is worth approx €450k
We are very lucky with our current situation but would really like to be a bit more proactive and property is the area we feel we both know best.
Any advice would be very welcome!
Myself and my husband are thinking of buying a property as an investment.
We are both self employed, husband on a contract which should be safe for next couple of years. I am doing sporadic consultancy work for the company I previously worked for but am in the process of setting up a company in the design field. (Kids growing up so going to work more full time now)
Our current gross combined income is approx €90k. (Husband €80k, me approx €10k on a very part time basis)
Property of interest is asking €200k. Potential rent will be €900 pm but we believe strongly that it has growth potential over the coming years. I suspect due to the supposed instability of the above we wouldn't be able to obtain a BTL mortgage. If we could secure say a €50k mortgage does this make sense?
We have savings of €240k and shares currently worth €50k. Savings are in an almost zero yield deposit account. We have no loans and have an outstanding tracker mortgage of €170k on our home which is worth approx €450k
We are very lucky with our current situation but would really like to be a bit more proactive and property is the area we feel we both know best.
Any advice would be very welcome!
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