MortgageMaze
Registered User
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Are there any subprime lenders left who are still lending for Irish residential property purchases?
I am looking for a mortgage to purchase a rental property to the value of €400k. I can put 300k towards the purchase (and have a fund to cover the purchase-related and initial outlay costs), which means I am looking to borrow €100k.
I have been turned down by my Bank because, although I have passed their ability-to-repay tests for a new mortgage of (in excess of) €100k, I have failed the Bank's risk-assessment test - due to the total, resulting level of debt being above their lending limits for a single applicant (my mortgage debt currently stands at ~€600k on two properties - however I have never missed a repayment and have still managed to save a substantial deposit).
I am confident in my ability to meet the additional repayment committment (the rental income that would service the repayments on a €100k loan would be between €1,650 and €1,800), and so I was wondering whether there are any other funding avenues open to me, where a lending decision would be based on ability to repay and on the debt-to-equity ratio? I have no dependents and am self-employed (with a long track record of continuous employment/income).
I am really hoping that this house will be my home in the not too distant future, which is why I am so keen to find a way to purchase.
Thank you for reading, and for any information you can share on this issue.
I am looking for a mortgage to purchase a rental property to the value of €400k. I can put 300k towards the purchase (and have a fund to cover the purchase-related and initial outlay costs), which means I am looking to borrow €100k.
I have been turned down by my Bank because, although I have passed their ability-to-repay tests for a new mortgage of (in excess of) €100k, I have failed the Bank's risk-assessment test - due to the total, resulting level of debt being above their lending limits for a single applicant (my mortgage debt currently stands at ~€600k on two properties - however I have never missed a repayment and have still managed to save a substantial deposit).
I am confident in my ability to meet the additional repayment committment (the rental income that would service the repayments on a €100k loan would be between €1,650 and €1,800), and so I was wondering whether there are any other funding avenues open to me, where a lending decision would be based on ability to repay and on the debt-to-equity ratio? I have no dependents and am self-employed (with a long track record of continuous employment/income).
I am really hoping that this house will be my home in the not too distant future, which is why I am so keen to find a way to purchase.
Thank you for reading, and for any information you can share on this issue.