I own a house that's rented out and would like to get a mortgage for a self-build.
Value of current House: €130,000
Mortgage: €92,000
Repayment: €370 per month
Rent: €560 per month
The above house has been rented to the same tenant for the past 2.5 years.
Age: 28
Salary: €29,000
Savings: €29,000 (by the time I apply)
No loans
I’m living at home at the moment but am looking to move out. I could ask the tenants to leave my current house but they’re good tenants and the rent covers the mortgage. I’d also like a detached house for myself (current one is a semi)
I’ve spotted a site for €45,000 and would need an additional €100,000 for the build. That means I’d need a mortgage of €116,000. This gives a 20% deposit and a mortgage of 4 times my salary.
Are my chances of a mortgage certain, possible, nil given the above information?
Value of current House: €130,000
Mortgage: €92,000
Repayment: €370 per month
Rent: €560 per month
The above house has been rented to the same tenant for the past 2.5 years.
Age: 28
Salary: €29,000
Savings: €29,000 (by the time I apply)
No loans
I’m living at home at the moment but am looking to move out. I could ask the tenants to leave my current house but they’re good tenants and the rent covers the mortgage. I’d also like a detached house for myself (current one is a semi)
I’ve spotted a site for €45,000 and would need an additional €100,000 for the build. That means I’d need a mortgage of €116,000. This gives a 20% deposit and a mortgage of 4 times my salary.
Are my chances of a mortgage certain, possible, nil given the above information?