Admittedly it was last year when we applied to aib.
.. it's not but you can sell and remortgage house and move tracker on to it with AIB from a stronger position.
Eh, that's not the way tracker mover products work.
I agree that the prospective rental yield and financing rate look attractive in this case but it's important to assess whether the OP has the financial ability to make the investment in the first place, having regard for his other assets and liabilities. Properly understanding the taxation of rental profits is critical in this regard.
It's vital to run the numbers before going into the property rental business. Making it up as you go along is a recipe for disaster.
I don't think anyone suggested not looking at the numbers?
Why do you say that's not how they work?
I didn't suggest that at all. They would treat it just like any other tracker mover. If house mortgage was 500k and apartment outstanding mortgage was 250k they would provide a new mortgage of 500k, 250k or which would be a tracker mover at 1% over the current tracker rate. The balance at whatever their best rate is for the LTV. Th bank is better off, they have secure business and 1% extra on the 250k. The op is better off aso. It's not rocket science and it's also exactly what the product is designed for.
If you get a cash back mortgage from PTSB say, buy new house, rent out apartment and see how it goes. Hopefully in 2 or 3 years you think it's working, or it's not but you can sell and remortgage house and move tracker on to it with AIB from a stronger position.
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