My husband and I have been gifted a site, it's value in the region of about 30k
We currently have a tracker mortgage we've been paying for the past 6 years, monthly repayments are €650. We had saved 20k deposit for this house. 160k left on this mortgage.
We are now considering building a home on this site my husband has been gifted. We would need a mortgage of 200k but we want to keep existing house as an investment. We have the option of moving into another house and paying minimal rent and renting out our house getting in the region of €550 per month in rent.
Husband Salary €36,000
My Salary 19,750 (I work part time 3 days per week)
Monthly costs not including mortgage would be €750 includes creche fees for our only child and a car loan with CU.
Savings 25k
What are our chances of getting a second mortgage? Or what should we start doing now to help us get into a good position to apply for a second mortgage.
Thanks in advance
We currently have a tracker mortgage we've been paying for the past 6 years, monthly repayments are €650. We had saved 20k deposit for this house. 160k left on this mortgage.
We are now considering building a home on this site my husband has been gifted. We would need a mortgage of 200k but we want to keep existing house as an investment. We have the option of moving into another house and paying minimal rent and renting out our house getting in the region of €550 per month in rent.
Husband Salary €36,000
My Salary 19,750 (I work part time 3 days per week)
Monthly costs not including mortgage would be €750 includes creche fees for our only child and a car loan with CU.
Savings 25k
What are our chances of getting a second mortgage? Or what should we start doing now to help us get into a good position to apply for a second mortgage.
Thanks in advance