Hi everyone. Hoping to seek your advice regarding purchasing a second property.
I currently have a house with approximate value of €400k- €100k outstanding mortgage remaining, with 18 years remaining on mortgage
Living away from home for work reasons so I am renting out my house, rental income is roughly 30k per year. I'm renting a property where I work for 9k a year.
What would the likelihood be of getting a second mortgage as a single applicant-no dependants, to purchase another property close to my job. And if so how much could I potentially borrow? I would likely need a mortgage of 375-400k to buy a decent house in my current location. I would ideally like to hold onto my current property for other reasons. Is there anything else I should be considering?
Income: Salary 50k, rental income 30k
Savings 60k
Expenses: Mortgage: 6k, rent 9k.
Any advice would be very welcomed..many thanks in advance.
I currently have a house with approximate value of €400k- €100k outstanding mortgage remaining, with 18 years remaining on mortgage
Living away from home for work reasons so I am renting out my house, rental income is roughly 30k per year. I'm renting a property where I work for 9k a year.
What would the likelihood be of getting a second mortgage as a single applicant-no dependants, to purchase another property close to my job. And if so how much could I potentially borrow? I would likely need a mortgage of 375-400k to buy a decent house in my current location. I would ideally like to hold onto my current property for other reasons. Is there anything else I should be considering?
Income: Salary 50k, rental income 30k
Savings 60k
Expenses: Mortgage: 6k, rent 9k.
Any advice would be very welcomed..many thanks in advance.