Getting a mortgage - problem with net income %

[Art]

I'm looking at getting a mortgage of 295,000 on a property I'm looking to buy for 660,000. I have another property which is rented out and after being stress tested by Permanent TSB I was given a net income percentage of 48% and they say they need a minimum of 55%. As a result they're only prepared to give me a mortgage of 255,000.

I'm just wondering if anyone knows if any of the other banks would lend more money, given the low LTV and the fact that I'm looking for less than 3.5 times my salary, and also if I'd be better going through the banks directly or via a broker?

 

[Brendan Burgess]

If you get refused or need to borrow more than their guidelines, a broker is useful to present the case in the best possible light.

Choose a broker which represents Pepper as they are more flexible for near prime borrowers.

But you should ask yourself a more fundamental question: Why am I borrowing €295k to buy a house for €660k when I already have another house (and a mortgage.)?

Brendan

 

[Art]

But you should ask yourself a more fundamental question: Why am I borrowing €295k to buy a house for €660k when I already have another house (and a mortgage.)?

Brendan

Thanks for your response. The other property is in a different city to where I live and want to buy and also has a tracker mortgage.