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Sarah W said:Which property will be let? And what rent would you expect to get?
Your solicitor will (very) strongly recommend you have a mortgage offer in place to sign contracts on the flat as you will risk losing your deposit if you are unable to complete. Based on your income total indebtedness of €640,000 (€280,0000 + €360,000) is way outside lending criteria.
Sarah
www.rea.ie
Sarah W said:'Fraid so. Based on €280,000 x 25 years (max term for investment mortgage) stress tested at 2% over current rates your repayment would be €1850*. Lenders take up to 80% of the rent hence €800 leaving you with a shortfall of €1000 per month. Even taking room rental into account your max. additional mortgage is going to be no more than €150,000. Could you bring in a joint borrower on either property?
* I know that you'd probably go interest only on the investment mortgage but lenders underwrite on annuity.
Sarah
www.rea.ie
P.S. The max from your SSIA is going to be no more than €20,000 which is a good sum but not really relevant to these figures.
phoenix_n said:well phoned up the bank.
have asked for approval to be increased from 280 to 300 and for it to be changed to an investment mortgage and have asked for 300 for the new build in dublin. will be 20 short but can get my SSIA money in advance.
By taking a 23% tax hit on the full amount withdrawn. Not so neat...Sunny said:How can you get your SSIA in advance? Thats a neat trick!!
ClubMan said:By taking a 23% tax hit on the full amount withdrawn. Not so neat...
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