Mortgage for investment property

[Delboy]

Any help on this would be greatly appreciated.

Myself and my gf both own our own places and we're only a couple of yrs into our mortgages so we have large amounts outstanding, but our properties have increased in value by 15% and 25% since purchase.

We're thinking of jointly buying an investment property, an apt., in Dublin City Centre. My questions relate to getting a mortgage for this.
1. Can investors get 100% mortgages (i see Ulster bank will offer only 85% according to their website calculator).
2. What are the prospects of getting a personal loan for say 6 months from the potential mortgage institution, to help pay fees etc until my SSIA comes in later this year.
3.Our original mortgages were in part guaranteed by our respective parents. Will this come into play?

Thanks.

 

[RainyDay]

Are you certain that you want to have all your investment eggs in one property basket (residential property)? If I was in your parents shoes, I'd be suggesting that you need to stand on your feet and eliminate the guarantees before you look at further investments.

 

[Delboy]

Thanks Rainyday,

the guarantee on the mortgages was for a small portion each which is nearly paid off at this stage.

 

[RainyDay]

the guarantee on the mortgages was for a small portion each which is nearly paid off at this stage.

I thought that guarantees always covered the entire debt, and all other debts owned to that particular institution, so that there was a theoretical risk that the guarantee could be called in for credit card debts or similar, if they were with the same institution.

 

[GreatDane]

I thought that guarantees always covered the entire debt, and all other debts owned to that particular institution, so that there was a theoretical risk that the guarantee could be called in for credit card debts or similar, if they were with the same institution.

I think it very much depends on the type of guarantee signed, some guarantees cover "all sums due" whereas others are specific to a sum of money lent & referred to as a specific loan account etc. A little haggling will get most banks to limit the recourse attached to a 3rd party guarantee

Cheers

G>
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