Bartlebooth
Registered User
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Looking for some advice or recommendations here, if anyone can help.
I have a house which is worth ~800k, and about 1m in stock and cash. I'm not working at the moment and have no income.
I want to do work on the house which will cost up to 400k.
I want to borrow 200k--400k towards the works, and buy one or two one-bedroom apartments in Dublin using the rental income to cover the loan.
Any lender I've spoken to (AIB, Ulster Bank, Credit Union) has said that a current income is necessary for any mortgage lending, regardless of assets, future employment prospects, etc.
Are there any other lenders that might take this on?
And is it a terrible idea? I've read a lot of the caveats here about the uncertainty of property investment. The appeal to me is that if I get well-situated flats, I can do a mix of short-term and long-term lets, to balance the income generation against the amount of work involved.
I have a house which is worth ~800k, and about 1m in stock and cash. I'm not working at the moment and have no income.
I want to do work on the house which will cost up to 400k.
I want to borrow 200k--400k towards the works, and buy one or two one-bedroom apartments in Dublin using the rental income to cover the loan.
Any lender I've spoken to (AIB, Ulster Bank, Credit Union) has said that a current income is necessary for any mortgage lending, regardless of assets, future employment prospects, etc.
Are there any other lenders that might take this on?
And is it a terrible idea? I've read a lot of the caveats here about the uncertainty of property investment. The appeal to me is that if I get well-situated flats, I can do a mix of short-term and long-term lets, to balance the income generation against the amount of work involved.