I'd be grateful for opinions please as to whether we might qualify for a mortgage:
I own half of an apartment in Dublin. My parents own the other half. All 3 of our names are on the mortgage account with Bank of Ireland. The apartment is rented out but there's a shortfall of €1,000 per month so I contribute €500 and my parents contribute €500. It's €100,000 in negative equity with 20 years left on the mortgage. Not possible to sell at the moment so viewing it as owning it for the long haul.
My wife owns a house in Castlebar, where she's from. It's about €10k in negative equity but it will come into its own in the next year or so. It's rented and we top it up by €300 monthly.
We live in Cork (for the past 7 years) and have no desire to ever move from Cork. We are currently renting a 2 bed apartment and need to move and would love to get our own place, rather than forking out more rent.
We have savings of €50,000.
Current houses owned
· Tracker of + 0.75% on wife's place
· Outstanding balance €200,000 and it's worth €190,000. Rent in = €650 pm and mortgage is €950 so we top up mortgage by €300
Variable rate on my apartment in Dublin. Balance outstanding is €400,000 and it's worth €300,000. I only co-own with my parents. Rent in is €1,300 and mortgage is €2,000. Top up by €500 (me) each month and €500 (my parents) each month. We pay that little bit extra in to cover maintenance fees of apartment.
· One public servant salary of €69,000 pa
One private sector secure employment of €100,000 plus yearly bonus of approx. €10,000
· We are saving a minimum of €1,400 pm for the last year· We have approx €50,000 in savings
· We are 35 + 38 yrs old and we have 2 children·
*Childcare is €800 per month
Proposed purchase
Our proposed dwelling will cost approx €450,000.
Question: is there any possibility that we will be able to keep our existing houses as investment properties and get a mortgage to acquire a new home.
Your views will be greatly appreciated. Thank you
I own half of an apartment in Dublin. My parents own the other half. All 3 of our names are on the mortgage account with Bank of Ireland. The apartment is rented out but there's a shortfall of €1,000 per month so I contribute €500 and my parents contribute €500. It's €100,000 in negative equity with 20 years left on the mortgage. Not possible to sell at the moment so viewing it as owning it for the long haul.
My wife owns a house in Castlebar, where she's from. It's about €10k in negative equity but it will come into its own in the next year or so. It's rented and we top it up by €300 monthly.
We live in Cork (for the past 7 years) and have no desire to ever move from Cork. We are currently renting a 2 bed apartment and need to move and would love to get our own place, rather than forking out more rent.
We have savings of €50,000.
Current houses owned
· Tracker of + 0.75% on wife's place
· Outstanding balance €200,000 and it's worth €190,000. Rent in = €650 pm and mortgage is €950 so we top up mortgage by €300
Variable rate on my apartment in Dublin. Balance outstanding is €400,000 and it's worth €300,000. I only co-own with my parents. Rent in is €1,300 and mortgage is €2,000. Top up by €500 (me) each month and €500 (my parents) each month. We pay that little bit extra in to cover maintenance fees of apartment.
· One public servant salary of €69,000 pa
One private sector secure employment of €100,000 plus yearly bonus of approx. €10,000
· We are saving a minimum of €1,400 pm for the last year· We have approx €50,000 in savings
· We are 35 + 38 yrs old and we have 2 children·
*Childcare is €800 per month
Proposed purchase
Our proposed dwelling will cost approx €450,000.
Question: is there any possibility that we will be able to keep our existing houses as investment properties and get a mortgage to acquire a new home.
Your views will be greatly appreciated. Thank you