Wondering if anyone can advise me please?
My husband and I own a property in Northern Ireland. It is our only property. It was recently valued at £145k (lowest valuation). Mortgage outstanding is £92k. Monthly interest only payments currently under £200 per month.
We recently rented the property and now live and work in Dublin. However, as first time landlords, have realised after renting the property that in order for our lender to do a consent to let, involves changing the mortgage to an interest only one of nearly £750 per month. The rent on the property is £500 per month.
Therefore we are looking into changing mortgage lender. However, we are tied in with current product until 2012. To leave this provider costs £2,800.
We are willing to pay this fee to be released if we can find a lender who will provide the following:
1. Consent to let easily enough (we know people who have rented properties with other mortgage providers and got consent to let very easily, and without affecting their current mortgage payment)
2. We would like to release equity on the property is possible, so we can free up some finance to purchase a property in Dublin. Have savings but not enough.
3. We would like the mortgage to be back on repayment and not interest only
We have very good and stable jobs, considering the current economic climate, and joint earnings are 110k Euros per annum. We have no loans, debts or credit cards.
Is it possible to do what I’ve outlined above, while living in Ireland and earning Euros?
Really appreciate any advice. Or if anyone knows of someone they could recommend we speak to I would appreciate it.
Alli
My husband and I own a property in Northern Ireland. It is our only property. It was recently valued at £145k (lowest valuation). Mortgage outstanding is £92k. Monthly interest only payments currently under £200 per month.
We recently rented the property and now live and work in Dublin. However, as first time landlords, have realised after renting the property that in order for our lender to do a consent to let, involves changing the mortgage to an interest only one of nearly £750 per month. The rent on the property is £500 per month.
Therefore we are looking into changing mortgage lender. However, we are tied in with current product until 2012. To leave this provider costs £2,800.
We are willing to pay this fee to be released if we can find a lender who will provide the following:
1. Consent to let easily enough (we know people who have rented properties with other mortgage providers and got consent to let very easily, and without affecting their current mortgage payment)
2. We would like to release equity on the property is possible, so we can free up some finance to purchase a property in Dublin. Have savings but not enough.
3. We would like the mortgage to be back on repayment and not interest only
We have very good and stable jobs, considering the current economic climate, and joint earnings are 110k Euros per annum. We have no loans, debts or credit cards.
Is it possible to do what I’ve outlined above, while living in Ireland and earning Euros?
Really appreciate any advice. Or if anyone knows of someone they could recommend we speak to I would appreciate it.
Alli