Hi,
Currently have a mortgage on PPR & about to embark on new build with intention of occupying it as PPR. Current plan is to rent out current premises but I'm thinking that given the current mortgage repayments, I'd need to extend the mortgage term & thus reduce monthly repayments in order for rental income to cover repayments. Current shortfall = approx €125/month. My question is: 1. Can I increase the term of the mortgage? 2. Is this wise? There is still stong property appreciation in the area. Thanks in advance, apple1
Currently have a mortgage on PPR & about to embark on new build with intention of occupying it as PPR. Current plan is to rent out current premises but I'm thinking that given the current mortgage repayments, I'd need to extend the mortgage term & thus reduce monthly repayments in order for rental income to cover repayments. Current shortfall = approx €125/month. My question is: 1. Can I increase the term of the mortgage? 2. Is this wise? There is still stong property appreciation in the area. Thanks in advance, apple1