Hello all,
Ive read numerous posts on here re second mortgages but I'm still none the wiser for my own situation. Hoping you kind folk might help me out.
I want to trade up to a better location, new house prices for what I want are between 300-345K. I may be dreaming but here goes..
Details:
Single application.
Currently have mortgage on 3 bedroom house
Bought in 2017 as first property
Purchase price: €175000
Value of Property today: €215,000
Mortgage drawn down: €139000
Amount of Mortgage remaining: €129000
Term of Mortgage: 31yrs left
Fixed rate of 4yrs with UB @ 2.6%
Monthly repayments fixed : €515
Overpaying by 285, total repayment €800/m
Have €38K savings over 1 year (so far) - aware this needs to double for a 20% deposit
Age of Applicants: 33
Private sector employee, Fixed term contract, end date Sep 2021
In current company 8 months, in pharmaceutical private employment for 10yrs
Base salary: €52735
Salary increments/yr €2500
Shift allowance: ~€30000 (not guaranteed)
Bonus: 12% of base + shift ~€10k (not guaranteed)
Have you any children : No
Never had a loan, never use credit card, credit history perfect, never use overdraft
Savings €1500-2000/month
Ideally would like new house of ~€335k
20% deposit is €67K ( will have in a yrs time)
Need mortgage of €268K.
Assuming I could avail of LTI exception, base salary in a yrs time x 4 = 220,000.
Also hoping they would take some portion of shift/bonus into account in this LTI calc to bring me to ~€268k loan.
Options are
A) Most ideal - draw down €268k mortgage, then sell initial house and pay off big lump sum. Is this situation possible?
B) Make initial property a rental. I dont really want to be a landlady but at probably income of €1200/m this could bring up my income to get second mortgage of €268k.
C)If my only option is to sell initial house before draw down of mortgage 2, this would mean having to rent somewhere and store all furnishings etc.
What would be the most probably option available to me?
Ive read numerous posts on here re second mortgages but I'm still none the wiser for my own situation. Hoping you kind folk might help me out.
I want to trade up to a better location, new house prices for what I want are between 300-345K. I may be dreaming but here goes..
Details:
Single application.
Currently have mortgage on 3 bedroom house
Bought in 2017 as first property
Purchase price: €175000
Value of Property today: €215,000
Mortgage drawn down: €139000
Amount of Mortgage remaining: €129000
Term of Mortgage: 31yrs left
Fixed rate of 4yrs with UB @ 2.6%
Monthly repayments fixed : €515
Overpaying by 285, total repayment €800/m
Have €38K savings over 1 year (so far) - aware this needs to double for a 20% deposit
Age of Applicants: 33
Private sector employee, Fixed term contract, end date Sep 2021
In current company 8 months, in pharmaceutical private employment for 10yrs
Base salary: €52735
Salary increments/yr €2500
Shift allowance: ~€30000 (not guaranteed)
Bonus: 12% of base + shift ~€10k (not guaranteed)
Have you any children : No
Never had a loan, never use credit card, credit history perfect, never use overdraft
Savings €1500-2000/month
Ideally would like new house of ~€335k
20% deposit is €67K ( will have in a yrs time)
Need mortgage of €268K.
Assuming I could avail of LTI exception, base salary in a yrs time x 4 = 220,000.
Also hoping they would take some portion of shift/bonus into account in this LTI calc to bring me to ~€268k loan.
Options are
A) Most ideal - draw down €268k mortgage, then sell initial house and pay off big lump sum. Is this situation possible?
B) Make initial property a rental. I dont really want to be a landlady but at probably income of €1200/m this could bring up my income to get second mortgage of €268k.
C)If my only option is to sell initial house before draw down of mortgage 2, this would mean having to rent somewhere and store all furnishings etc.
What would be the most probably option available to me?