Need some assistance if you can help - we live in Dublin in rented accommodation but own a house in Cork that we can't sell and want to buy a house in Dublin if possible, but not sure how banks will approach the request.
We are not in negative equity thankfully but we have rented out the house and there is a monthly shortfall of 900 that we have to pay to make up the difference which is on top of our 1650 rent that we pay in Dublin.
We have 11 years left on the mortgage for the Cork house and I was wondering if it was possible to change to a buy to let mortgage over a longer period of time so we could reduce the repayments to match the rental income and so position us well for buying another house in Dublin. Is this possible and what type of mortgage could we get to buy in Dublin, based on the details below?
Current Mortgage: 295k (tracker)
House Value: 335k (paid 440k in 2002 :-( )
Monthly Mortgage payment, including insurance: 2k
Monthly rental income from house: 1.1k
Bank Loan: 13k (rental income goes against this loan)
Annual Income (excl rental income): 182k (split 96k me & 86k spouse I have a specific purpose contract and my other half has permanent job so also worried my income would not be allowable)
Savings: 45k
This year is the first year that we are in a position to think about moving on as I lost a lot of money in a failed business and have spent past 4 years paying off the debt on top of the lost money and finding alternative employment.
Sorry for long post but hope you can help! Thanks for reading
We are not in negative equity thankfully but we have rented out the house and there is a monthly shortfall of 900 that we have to pay to make up the difference which is on top of our 1650 rent that we pay in Dublin.
We have 11 years left on the mortgage for the Cork house and I was wondering if it was possible to change to a buy to let mortgage over a longer period of time so we could reduce the repayments to match the rental income and so position us well for buying another house in Dublin. Is this possible and what type of mortgage could we get to buy in Dublin, based on the details below?
Current Mortgage: 295k (tracker)
House Value: 335k (paid 440k in 2002 :-( )
Monthly Mortgage payment, including insurance: 2k
Monthly rental income from house: 1.1k
Bank Loan: 13k (rental income goes against this loan)
Annual Income (excl rental income): 182k (split 96k me & 86k spouse I have a specific purpose contract and my other half has permanent job so also worried my income would not be allowable)
Savings: 45k
This year is the first year that we are in a position to think about moving on as I lost a lot of money in a failed business and have spent past 4 years paying off the debt on top of the lost money and finding alternative employment.
Sorry for long post but hope you can help! Thanks for reading