Okay, that’s a lot better and mea culpa for missing that.Hi Gordon, thanks for the reply. So my understanding of this is I can put the equity from my current property towards a second mortgage? I'm assuming this would mean using it as collateral? Im not sure if banks still allow this in Ireland?
Just to clarify the rental income from my property is 30k, and I am paying rent at different property for 9k a year.
Is the current mortgage properly set up for letting out or does the bank think you are living there?
I was living there until my work circumstances changed recently, so the mortgage is still being treated as my PPR.
Thanks for clarifying. I guess I would be relying on the 30k rental income to help with repaymentsOkay, that’s a lot better and mea culpa for missing that.
Yes, you can top-up the mortgage to 70% and then use the money for something else.
I just worry about that level of debt on a €50k salary.
Yes I amSounds like you need to look at that first. Are you covered in other areas such as insurance and registering the tenancy?
The problem is if they stop paying or you have a vacancy or the Shinners shaft landlords.Thanks for clarifying. I guess I would be relying on the 30k rental income to help with repayments
Yes I am
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