Hi
I wondering if anyone could offer some advice.
I current have a variable mortgage with EBS. This is currently 5 years old and I own €160,000 on it. The house is currently worth approximately €300,000.
Now, I’m moving to Oz in May next year and I want advice regarding the following option available. I don’t wish to sell the house completely. I want to realise some of the equity in the house and take around 40k with me as a down payment on a house in OZ. I also wish to let the house out here to cover off my full repayments (I only want 40k due to the fact that I want rent to cover the full repayments)
I have only ever had a mortgage on a property I lived in so and know ever little about arranging a mortgage for what will effectively by a business venture. I was wonder if you could outline to me options regarding remortgaging under these circumstance?
Will interest rate we higher or lower?
Should I be looking at tracker variable or fixed rate mortgages?
Would I better sticking with the EBS due to the solicitor fee and other transfers costs?
I’m not moving until May but should I look at switch now before the ECB put the rate up?
Will the banks turn me down, give that I won’t be here to secure the mortgage?
I’m sure there are lots more questions I should be asking but I hope this forum will help me raise them and learn a little more before I approach the bank
Appreciate any help
I wondering if anyone could offer some advice.
I current have a variable mortgage with EBS. This is currently 5 years old and I own €160,000 on it. The house is currently worth approximately €300,000.
Now, I’m moving to Oz in May next year and I want advice regarding the following option available. I don’t wish to sell the house completely. I want to realise some of the equity in the house and take around 40k with me as a down payment on a house in OZ. I also wish to let the house out here to cover off my full repayments (I only want 40k due to the fact that I want rent to cover the full repayments)
I have only ever had a mortgage on a property I lived in so and know ever little about arranging a mortgage for what will effectively by a business venture. I was wonder if you could outline to me options regarding remortgaging under these circumstance?
Will interest rate we higher or lower?
Should I be looking at tracker variable or fixed rate mortgages?
Would I better sticking with the EBS due to the solicitor fee and other transfers costs?
I’m not moving until May but should I look at switch now before the ECB put the rate up?
Will the banks turn me down, give that I won’t be here to secure the mortgage?
I’m sure there are lots more questions I should be asking but I hope this forum will help me raise them and learn a little more before I approach the bank
Appreciate any help