Falcarragh
Registered User
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I have a house in an Irish city with a small mortgage(approx 30%ltv if even that). The mortgage repayments are small and the property is let at the moment. Rent covers all expenses associated with the property. The house is in a good location and an EA told me it would sell easily. We hope to apply for a mortgage in the next year. We both have good well paying jobs(My OH especially) and quite a high income overall but there are one or two blips in my credit rating in the past. I realise that this will go against us but my query is in relation to this house. Can anybody tell me am I better to sell my existing property(I realise that I will pay CGT in this case) or keep it and will a lender see that property as a liability or a positive in terms of our application? We have a few years solid renting history, OH has good credit rating, and savings are ok too.
I have heard that some banks hold a second property against you but others don't. I don't have a problem putting the house up for sale if needs be, I just want to do whatever would be most favourable from a mortgage application point of view. Any advice would be appreciated or if somebody had the recommendation of a person that we could sit down with and thrash out our situation, that would be great too. Thanks.
I have heard that some banks hold a second property against you but others don't. I don't have a problem putting the house up for sale if needs be, I just want to do whatever would be most favourable from a mortgage application point of view. Any advice would be appreciated or if somebody had the recommendation of a person that we could sit down with and thrash out our situation, that would be great too. Thanks.