I'm looking for some basic advice on my future mortgage options.
My parents gifted me two small properties about 5 years ago, all capital gains are paid.
Property 1. worth about 120k, generating rental income of 700e pm (property in rural Ireland)
Property 2. worth about 220k small 2bed apartment I live in and get 700e pm under rent a room scheme. (property in Dublin)
I'm 30 years old and starting a career in the civil service on 32k pa. (will have incremental pay increases going forward)
In two years time if I had 30k saved for a deposit on a house, how does a bank look at my situation? (Eg good assets, but poor equity)
If I got a mortgage, the apartment I move out of could be rented for approx. 1,600pm. Would the bank take this into account as guaranteed future income?
Can I secure a mortgage by using another property as collateral?
Am I technically a first time buyer having never had a mortgage before? (but am a home owner x2)
I wouldn't be looking to sell any of the current property to get a mortgage, might the Bank insist that I do?
Thanks in advance