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Rent on 100K mortgage property would be in and around €850.
Deposit €60K.
Looking at properties in the range of €290,000. Rent would be in and around €1,200
Mortgage on 100K is c€600 pm as I have a tracker! As I will be liable for tax at the top rate on the rental it will cost me a couple of hundred euro per month to rent it out!
We plan on taking out a 240K mortgage over 15 years and stress testing at 6% its working out around €2000 per month repayments.
We got mortgage approval from BOI and KBC as we both have good savings records, no mad debts or credit card bills etc. Our broker told us that only around 2 out of 20 applicants were successful.
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