Anyone here know if banks are giving out LTV exemptions to second time buyers who have a rental property? A friend in work got one early this year when selling his house & buying another. But he had no other property.
We're hoping to trade up early next year but wife has rental property in Neg equity of about 30k (and 3 hours away). Will banks not touch us?
Putting the negative equity rental property aside for a minute, do you need an exemption for the home you are buying when you trade up? Or will you have 20% between savings and equity in your PPR?
We'll have about 50k between savings and equity. But that will only allow us look at house at around €250k price,if we need 20%.
Houses we really like are around 335K,which we could do if we only need 10%
I don't know the answer to your question, but you are better off not applying for mortgage approval until the new year, when their stock of exemptions start again.