Age: 35
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: €0 - currently setting up a new business (previous earnings typically €150-200k pa)
Annual gross income of spouse: €100k basic + €50k bonus
Monthly take-home pay: €5k
Type of employment: I am now self-employed, spouse in private sector
In general are you:
(c) we are breaking even
BTL property: Value = €450k, mortgage = €300k. (originally bought for €575k)
Cash: €300k
Shares in a Private company: €450k
Ages of children: twins aged 3
What specific question do you have or what issues are of concern to you?
Looking to buy family home in central Dublin...Ranelagh/Donnybrook area.
Ideally we want to buy a house circa €1.25m - how can we make this happen?
Between cash (€300k) + selling the BTL property (€150k equity) + selling the private shares (net after claim loss relief against this gain I'll have €350k cash) = €800k cash
I'm sure my spouse could get mortgage and we put down €800k deposit and borrow €450k.
However, don't want to put that much cash down...has anybody any ideas on how we can go about getting more leverage? Would firms lend against my private shareholding? With my new business only recently launching and no income yet, some banks will presumably want 2-3 years accounts. Finance Ireland would lend against 1 year account but rates are very high.
Any advice on what someone else would do is much appreciated (besides buying a cheaper house!).
Thanks!
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: €0 - currently setting up a new business (previous earnings typically €150-200k pa)
Annual gross income of spouse: €100k basic + €50k bonus
Monthly take-home pay: €5k
Type of employment: I am now self-employed, spouse in private sector
In general are you:
(c) we are breaking even
BTL property: Value = €450k, mortgage = €300k. (originally bought for €575k)
Cash: €300k
Shares in a Private company: €450k
Ages of children: twins aged 3
What specific question do you have or what issues are of concern to you?
Looking to buy family home in central Dublin...Ranelagh/Donnybrook area.
Ideally we want to buy a house circa €1.25m - how can we make this happen?
Between cash (€300k) + selling the BTL property (€150k equity) + selling the private shares (net after claim loss relief against this gain I'll have €350k cash) = €800k cash
I'm sure my spouse could get mortgage and we put down €800k deposit and borrow €450k.
However, don't want to put that much cash down...has anybody any ideas on how we can go about getting more leverage? Would firms lend against my private shareholding? With my new business only recently launching and no income yet, some banks will presumably want 2-3 years accounts. Finance Ireland would lend against 1 year account but rates are very high.
Any advice on what someone else would do is much appreciated (besides buying a cheaper house!).
Thanks!