My situation, current €70K salary in a hopefully stable long term job in private sector.
Owe €200K over the next 25 years on a property I happily live in. It's now worth about half that, so obviously up to my neck in negative equity.
Have €45K saved, and am half considering putting an offer of €80K on a decent 2 bed apartment and renting it out for between €600 - €650 pm.
So I would need to borrow another €35K. My thinking is the rent will cover the repayments and I will own the place after maybe 10 years.
Does the above have any logic whatsoever? Would appreciate some tips as I'm not very savvy in these matters.
Owe €200K over the next 25 years on a property I happily live in. It's now worth about half that, so obviously up to my neck in negative equity.
Have €45K saved, and am half considering putting an offer of €80K on a decent 2 bed apartment and renting it out for between €600 - €650 pm.
So I would need to borrow another €35K. My thinking is the rent will cover the repayments and I will own the place after maybe 10 years.
Does the above have any logic whatsoever? Would appreciate some tips as I'm not very savvy in these matters.