Getting a second mortgage while the first mortgage is in negative equity

[captaincm]

Me and my partner bought a house at the height of the market and we are in negative equity. We recently fixed our mortgage at €1500 a month and we were told that we should be able to rent the house for €1200 a month. We both have permanent secure employment that jointly pays €110000 gross per year and we are able to save €1200 a month while paying our mortgage. Currently we have a savings of €20,000. Does anybody have any advice for me in relation to aquiring a second mortgage in the region of 250,000 in terms of ability to get the loan or the lenders that would give it?

 

[Molly Bloom]

Hi captaincm,

Could I ask two questions -

Have you successfully rented out the first house for €1,200 / month?

Do you need a second house? Have you fully considered the risks of exposure to further negative equity, interest rate rises, etc?

Molly Bloom

 

[nediaaa]

the banks will look for a minimum of 25% deposit for a buy to let mortgage. They will not entertain you in the current market.