Want to get second mortgage for helps pls

My wife and I are planning to apply second mortgage from banks. Currently we have €100k remaining for the mortgage to the bank for an apartment. We have total income about 80k per year. We keeping saving more than 2,000€ per month. Both jobs are permanent. Have one child.

Now, we want to keep the apartment, and will rent out. So is any possibility to get second mortgage from bank to buy second property. I am looking for 300k mortgage now on. We do not want to sell the apartment.

Which bank is better to ask at the moment? Currently, we have mortgage with aib. I do not think that it is good to ask at aib.

Thx very guys for your advises.

Hey

My wife and I are in a similar position and we got a mortgage grom EBS.. Another option is KBC were open to it also..aIB didn't want to know

The only thing to watch out for is that the banks still don't take rent into consideration, I have the same tenant for the past 10 years and the banks did not want to know.. Therefore if you disposal income includes the money from the renting the bank will not like that.... Don't forget all the costs with renting!!

nwarren said:

Hey

My wife and I are in a similar position and we got a mortgage grom EBS.. Another option is KBC were open to it also..aIB didn't want to know

The only thing to watch out for is that the banks still don't take rent into consideration, I have the same tenant for the past 10 years and the banks did not want to know.. Therefore if you disposal income includes the money from the renting the bank will not like that.... Don't forget all the costs with renting!!

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Is it that they don't take profit from renting into consideration as income for the purposes of your PPR mortgage application?

Or is it that they don't take rent at all into consideration and, therefore, want your income to meet their affordability criteria to cover BOTH mortgages?

For example, let's assume a disposable income of €1,000 which includes €900 from your salary and €100 from the excess of rent over a €300 monthly investment mortgage (and other expenses). Will they assess you on an income of €1000, €900 or €600 for the new mortgage?

Thx doe your advise. I knew the banks would not consider renting income. I only take about how much mortgage that I we can get. As our aib mortgage is till remaining as at 100k.

If I ask ebs or kbc, will they think and worry about our remaining 100k mortgage still?
Thx

Yu Shan said:

Currently, we have mortgage with aib. I do not think that it is good to ask at aib.

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I think they are the first people you should talk to, they know you, and know you are a good saver etc. It might be an idea to talk to a broker, they will tell you straight away if you have a chance on getting a second mortgage.

Would your current income of 80K pay a mortgage of 300K, and also the mortgage on the rental, I think that's the way the banks look at it currently.

Basically the way they look at is can you afford to pay your new mortgage and rented property mortgage out of your income excluding rental income