Rental Income for Mortgage
- Thread starter Brian1980
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Brendan Burgess
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Are you buying a family home or another investment property?
Brendan
Brendan
Hi, we are building a family home. We will be selling our current home.
Brendan Burgess
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It's probably worth doing a moneymakeover when you are making such big financial and life moves.
If you have a rental property, it would usually make sense to sell it when buying a new home.
Brendan
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If you have a rental property, it would usually make sense to sell it when buying a new home.
Brendan
We will keep the rental properties as they are generating a good income and we have paid off the debt on them.
Brendan Burgess
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How much is the home you want to buy?
What deposit do you have?
How much are the rental properties worth?
How much have you got in your pension fund?
Brendan
What deposit do you have?
How much are the rental properties worth?
How much have you got in your pension fund?
Brendan
It depends on the bank. Bank of Ireland has a does not take rental income into account, while I believe AIB will.
Hi,
We have savings of €300k, our current home is worth €250k which we will sell, we have a combined pension of €120k which will be €500k on retirement. Rental properties are work €900k. We would like to borrow €350k
Brendan Burgess
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So you will have €1.8m in properties.
Way too concentrated.
Or are you borrowing the €350k with a view to clearing it from the subsequent sale of your home.
In any event, you are way too concentrated.
Sell some of the properties. And stuff your pension funds. And diversify into the stockmarket via your pension fund.
Brendan
Way too concentrated.
Or are you borrowing the €350k with a view to clearing it from the subsequent sale of your home.
In any event, you are way too concentrated.
Sell some of the properties. And stuff your pension funds. And diversify into the stockmarket via your pension fund.
Brendan