My fear is that I will find it hard to get a mortgage as non resident as they will think Im over exposed to property and the house is in the same location increasing risks. Is this fear correct?
We are thinking of selling it and buying a house as the rental value is E1300 per month(going rate E1700( and tied in 4% rises for the foreseeable. Value apt is E275k and E50k outstanding- 1% tracker.
My brother has too much cash earning little. And he gets 75K off me next year. In this case he puts down 170k and gets 12k a year( half rental income- ok tax, expenses etc but its still better than what he's doing with it now).
LLgon- I dont think the pressure zones will end in the short term.
We have nice tenants- never screwed them and then this is what happens to us...
nbc
Hi nbc (and Bronte)
I am not sure that people really appreciate the risk which the economies are facing at the moment.
Brexit could have a devastating impact on Ireland and the UK. Trade wars internationally could cause a devastating depression. And how long will our partners and friends tolerate our tax haven status?
So people should not borrow to invest. You have €950k borrowing on €2.2m according to Bronte's arithmetic. If you sell off €950k worth of property, you will have €1.2m of property debt-free. That puts you in a very nice position to handle any storm which might come along.
Brendan
In 1998 when I purchased my first property I had zero savings. I went to the bank and borrowed 3k and then put that in the credit union and borrowed 12 k.
Alas Brendan although I’ve a good income I’ve never had any savings. In 1998 when I purchased my first property I had zero savings. I went to the bank and borrowed 3k and then put that in the credit union and borrowed 12 k.
If I had to save 12 k in 1998 I’d prob still be renting!
NBC
The house we are looking at is in same estate as a rental property I already have. Too many eggs etc...
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?