Hi there, hoping someone can clarify whether myself and my partner would qualify for a 2nd mortgage. We bought our first home in 2007 for 395K, current outstanding mortgage is 345K. Property is worth 300K. We want to move out of Dublin to a bigger house so looking at renting out existing house and buying a 2nd property. We could rent out house for 2,500euro per month. Our mortgage repayments are approx 850 per month (We have a split mortgage and got this in 2011)
We have savings of nearly 20K. Partner earns 60K (civil servant) I am self employed and earn 60K (before tax). No loans, credit cards or bad debt (asides from negative equity in property)
Would we be exempt from 20% deposit for buying a new home if we keep existing property and rent it out? We would be looking to buy a property for around 350K. Thank you
We have savings of nearly 20K. Partner earns 60K (civil servant) I am self employed and earn 60K (before tax). No loans, credit cards or bad debt (asides from negative equity in property)
Would we be exempt from 20% deposit for buying a new home if we keep existing property and rent it out? We would be looking to buy a property for around 350K. Thank you