MichaelDonal
Registered User
- Messages
- 20
I'm married and have a tracker (ECB + .75% so .8% currently) with UB, on a house valued at about 400K. Monthly repayments of 970 euro. Nowhere near negative equity thankfully.
Also have a holiday home valued at about 150K (no mortgage) which may or may not influence things. Can these things be offered as a form of security?
Have a decent lump sum of savings available if required, 100k plus.
Never had a problem repaying mortgage, even when ECB was at its peak, never missed a payment and always been good savers.
Looking to get a second mortgage of 300 - 400k but since getting the first mortgage my wife is now no longer in full time employment. Filling out the various online calculators gives us a very low amount for a second mortgage, nothing near what we'd need.
However, I feel if UB are open to it, we could quite easily manage this. Renting out the current place would get us roughly 1500 - 1600 a month which would mean 500 - 600 'profit' (obviously need to take tax, costs etc. into account) which they could offset against the repayments of the new mortgage. It's a very popular location for renting as well so think renting it would be easy enough.
Doing a rough online calculation of the repayments on a mortgage of 300,000 over 30 years @ 4.6% comes out at about 1,500 a month (lower if we fix for 3-5 yrs) which we could cover after the rental deduction. We could even cover it without that deduction but would be tighter.
Currently have our eye on a property and would love to be able to get a second mortgage ( roughly a 300k mortgage required), stay in our current place for 6 months while doing the new place up (renovations paid for from savings) and then move and start renting current place out.
If needs be we could drop to interest only repayments for those 6 months which would mean covering the 1500 mortgage on the new place would be easy.
Thing is, all the above is not a 'normal' mortgage so I've no idea if UB will go for it. Meeting them tomorrow to see, but have a fear of talking to a mortgage drone who can't go outside a certain remit. Do any brokers / others think the above is feasible?
Also have a holiday home valued at about 150K (no mortgage) which may or may not influence things. Can these things be offered as a form of security?
Have a decent lump sum of savings available if required, 100k plus.
Never had a problem repaying mortgage, even when ECB was at its peak, never missed a payment and always been good savers.
Looking to get a second mortgage of 300 - 400k but since getting the first mortgage my wife is now no longer in full time employment. Filling out the various online calculators gives us a very low amount for a second mortgage, nothing near what we'd need.
However, I feel if UB are open to it, we could quite easily manage this. Renting out the current place would get us roughly 1500 - 1600 a month which would mean 500 - 600 'profit' (obviously need to take tax, costs etc. into account) which they could offset against the repayments of the new mortgage. It's a very popular location for renting as well so think renting it would be easy enough.
Doing a rough online calculation of the repayments on a mortgage of 300,000 over 30 years @ 4.6% comes out at about 1,500 a month (lower if we fix for 3-5 yrs) which we could cover after the rental deduction. We could even cover it without that deduction but would be tighter.
Currently have our eye on a property and would love to be able to get a second mortgage ( roughly a 300k mortgage required), stay in our current place for 6 months while doing the new place up (renovations paid for from savings) and then move and start renting current place out.
If needs be we could drop to interest only repayments for those 6 months which would mean covering the 1500 mortgage on the new place would be easy.
Thing is, all the above is not a 'normal' mortgage so I've no idea if UB will go for it. Meeting them tomorrow to see, but have a fear of talking to a mortgage drone who can't go outside a certain remit. Do any brokers / others think the above is feasible?