Advice Pls. Have an apartment but buying a house

B

bobbyb123

Guest
Both myself and fiance are living in an apartment and we are getting married this year. we plan to start a family so its size and the steps to it mean we have to consider moving elsewhere and buying a house.

the most rent i would get for it is 1k per month and my mortgage is 1200. That would leave me with a 200 deficit every month on the mortgage aswell as the new mortgage if we bought a house.

is it easy to lower my payments on the apartment to 1k with my bank to cover that end. Will they know im not living there. I cant afford that difference every month so any advice would be great. the new mortgage would be with a seperate bank.
 
You'll have more than €200 deficit per month. You haven't taken into account costs of renting, to name a few:
  • tax on rental income
  • NPPR charge
  • Registration charges with PRTB
  • loss of TRS
  • change to investment house insurance (usually costs more)
You have to be able to budget for all of the above I'm afraid.
 
Also, you asked if the bank will know if you are not living there.

If you ask for a reduced payment, they will ask why and look for evidence of your income etc. As you currently can afford the mortgage, what are you going to tell them - apart from the truth ?
 
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