Looking for another mortgage, would a bank just laugh at us?

R

remey

Registered User
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218
Hi all,

We have 2 rentals plus our own ppr.
Our home and one rental are in negative equity to the tune of about €80k each. The other rental is in positive equity but not a massive amount.
The rental in negative equity is very 'rentable' but we still put €100 to the mortgage per month and €50 to the second. Our own mortgage is 1600.

I've seen a house that I love. I've always wanted to move closer to where I was brought up, schools, facilities etc are better.
We are both fulltime permanent (after my husband being out of work for over a year) and joint salary of €130k.

So my question would be would the bank send us packing if we looked for another mortgage? We'd consider renting our own rather than selling.

I'm not even sure if I'd do it to be honest but cant get this other house out of my head!
 
remey said:
Hi all,

We have 2 rentals plus our own ppr.
Our home and one rental are in negative equity to the tune of about €80k each. The other rental is in positive equity but not a massive amount.
The rental in negative equity is very 'rentable' but we still put €100 to the mortgage per month and €50 to the second. Our own mortgage is 1600.

I've seen a house that I love. I've always wanted to move closer to where I was brought up, schools, facilities etc are better.
We are both fulltime permanent (after my husband being out of work for over a year) and joint salary of €130k.

So my question would be would the bank send us packing if we looked for another mortgage? We'd consider renting our own rather than selling.

I'm not even sure if I'd do it to be honest but cant get this other house out of my head!
Click to expand...

Very unlikely. Even if you didn't have the 2 rental properites banks are very reluctant to give you a second mortgage (if you couldn't sell & had to rent out your PPR) - let alone a 4th mortgage! Be happy where you are OR rent out your PPR & rent a house in the area you want to move to.
 
You are 160k in negative equity on a gross income of 130k and you want to buy another house???? No chance - unless you have 200k in savings salted away somewhere. Have you even cash for a deposit?
 
Op this is plain and utter madness. And luckily for you no bank will entertain you.
 
How much would the 2nd rental (the one in positive equity) be worth compared to the house you would like to buy?
It would be madness to look for a fourth mortgage while you still have to make a contribution to cover all three properties you already own.
If you sold the second rental and only had to make up 30-40k of a difference there may be some possibility that the bank or your savings could bridge it. Plus you would be saving €50 a month :)
 
remey said:
Hi all,

We have 2 rentals plus our own ppr.
Our home and one rental are in negative equity to the tune of about €80k each. The other rental is in positive equity but not a massive amount.
The rental in negative equity is very 'rentable' but we still put €100 to the mortgage per month and €50 to the second. Our own mortgage is 1600.

I've seen a house that I love. I've always wanted to move closer to where I was brought up, schools, facilities etc are better.
We are both fulltime permanent (after my husband being out of work for over a year) and joint salary of €130k.

So my question would be would the bank send us packing if we looked for another mortgage? We'd consider renting our own rather than selling.

I'm not even sure if I'd do it to be honest but cant get this other house out of my head!
Click to expand...

I think Remey is a troll....this is a wind up
 
moneyhoney said:
Very unlikely. Even if you didn't have the 2 rental properites banks are very reluctant to give you a second mortgage (if you couldn't sell & had to rent out your PPR) - let alone a 4th mortgage! Be happy where you are OR rent out your PPR & rent a house in the area you want to move to.
Click to expand...


We have the deposit in savings so we'd be covered there.
Part of me feels that house prices wont go much lower (Not getting into house price discussion as its not allowed) and if we bought a house in this area at this price we'd be very lucky. Mroutraged, unfortunately we'd have more than 40-50k to put to it if we sold the positive equity property.

I'll just have to fall back in love with my own house....Heart has been rulilng the head. At least the banks wouldnt entertain us!
 
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