Buying a 2nd property and keeping current property

B

Bridin

Registered User
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6
Good morning
Currently in an apt(AH) and considering buying a house in the next year or two. My question is would the banks consider approving 2nd mortgage and allow us to keep the apt and rent out. Would ideally like to do this rather than sell the apt.

Joint income 100k
Would be looking for a mortgage of approx. 300k
No other borrowings
Some equity in the Apt. (o/s mortgage 185k/worth about 200/210k)

Just a general query really to see if banks are allowing this at the moment.
 
If the rent in the area covers the mortgage payments, it shouldn't effect your application, however the AH does not allow you to rent out your home. During recession there were certain exemptions made if you were emigrating or moved home as you couldn;t afford mortgage. Not sure what their stance is now.
 
You are talking debt of about 500k on 100k income. No chance these days especially with 10% equity maybe if u were under 50%
 
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