lots of equity little income????

B

bilbob

Guest
My cousin inherited a house some years ago, its current value is 850k there is no mortgage, rental income is about 17k thousand a year, that is his only income as he is a full time student until September, he is looking to purchase a section 23 apt but not sure if based on the above if he would qualify for mortgage of 300k, any advice?
 
In a word - no. €17,000 p.a. (and discounting maintenance, vacant periods and any tax) would not be considered sufficient to qualify for another mortgage of any size.

Sarah

www.rea.ie

(back after 4 solid days and nights of horror movies in Edinburgh and sleeping with the light on for the foreseeable!)
 
Sarah, the Grudge did that to me and the japanese version of it was worse again!
 
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