DavidKoresh
Registered User
- Messages
- 7
Hi there,
I own a property with my brother and we are deep in negative equity. The property is worth c€300K and we have a mortgage outstanding of almost €800k. However, this is a tracker mortgage with an exceptionally good rate and even though I could reduce my borrowings I wouldn't want to because of the incredibly good rate. Notwithstanding my mortgage, I have managed to save up about €250k over the last few years and I would now like to purchase a property to rent out for approx €300K.
At a push I could buy a property with cash, but this isn't the most tax efficient way to do things. Given that there is 1) such high negative equity on my first property but also 2) a demonstrated capacity to save €250K over 4 years with that much cash in the bank my question is: What is the best way to apply for and get a mortgage? Would a bank be prepared to give a mortgage provided I placed a significant amount of money on deposit for a period of time?
I own a property with my brother and we are deep in negative equity. The property is worth c€300K and we have a mortgage outstanding of almost €800k. However, this is a tracker mortgage with an exceptionally good rate and even though I could reduce my borrowings I wouldn't want to because of the incredibly good rate. Notwithstanding my mortgage, I have managed to save up about €250k over the last few years and I would now like to purchase a property to rent out for approx €300K.
At a push I could buy a property with cash, but this isn't the most tax efficient way to do things. Given that there is 1) such high negative equity on my first property but also 2) a demonstrated capacity to save €250K over 4 years with that much cash in the bank my question is: What is the best way to apply for and get a mortgage? Would a bank be prepared to give a mortgage provided I placed a significant amount of money on deposit for a period of time?