Hello everyone,
I purchased a 2 bedroom apartment in January 2009, I have missed no payments so far and have just over 27 years left on my mortgage. My mortgage is with Haven and I'm 28 years old, single with no kids.
In the past few months I've had my working week reduced to part time, 20 odd hours a week. My savings are almost depleted and soon I will struggle to cover the mortgage.
My plan is to rent out my apartment, by talking to others in the area and looking at rent rates online I should be able to cover the monthly mortgage completely and have already had some interest.
Second Mortgage: There are 1 bedroom apartments for sale beside my place of employment priced to sell at €79,000, I have roughly €5,000 left in savings. By using an online mortgage calculator my repayments will be approx under €400 monthly, this would be a huge saving for me monthly, but would involve taking on more debt, sounds crazy I know but this would leave me with about €400~€500 more in my pocket monthly.
My question is what are the chances of being granted a second mortgage? Is it even possible? Haven only deal through a Mortgage Broker, would it be worth my while explaining my situation to a Mortgage Broker or do you think
I would be wasting my time?
Any advice, help, input would be greatly appreciated.
I purchased a 2 bedroom apartment in January 2009, I have missed no payments so far and have just over 27 years left on my mortgage. My mortgage is with Haven and I'm 28 years old, single with no kids.
In the past few months I've had my working week reduced to part time, 20 odd hours a week. My savings are almost depleted and soon I will struggle to cover the mortgage.
My plan is to rent out my apartment, by talking to others in the area and looking at rent rates online I should be able to cover the monthly mortgage completely and have already had some interest.
Second Mortgage: There are 1 bedroom apartments for sale beside my place of employment priced to sell at €79,000, I have roughly €5,000 left in savings. By using an online mortgage calculator my repayments will be approx under €400 monthly, this would be a huge saving for me monthly, but would involve taking on more debt, sounds crazy I know but this would leave me with about €400~€500 more in my pocket monthly.
My question is what are the chances of being granted a second mortgage? Is it even possible? Haven only deal through a Mortgage Broker, would it be worth my while explaining my situation to a Mortgage Broker or do you think
I would be wasting my time?
Any advice, help, input would be greatly appreciated.