Need 115% Mortgage...Any chance?

M

micka

Registered User
Messages
5
Hi all, (great to see such quality advice)

We're moving to Tipperary during the summer from our PPR here in Dublin to a PPR in Cloughjordan.
  • New house costs €153,000 but i need €175,000 to kit out
    • Which is roughly a 115% mortgage.
  • Current PPR in Dublin has €251K mortgage on a house worth €500K
    • Can't remortgage on current PPR. Want to keep Dublin house.
    • Don't mind cross-securing Dublin home on Clough mortgage.
    • Will rent Dublin house after move.
    • I have two other properties with good equity. Don't want to remortgage these either.
Salaries & savings would easily qualify us for a €175K mortgage but VALUE of house in Cloughjordan is only worth price of house - €153k (maybe a bit more).

So, how do i get extra €22K loan on mortgage rates of 3 - 3.5%???

Really would prefer to have it neatly bundled into a single mortgage.

Any broker willing to do business with me ?:D?

Thanks in advance for any suggestions offered!!!

Micka.
 
I don't think you will have any problem getting a mortggae with it being cross secured but it will be at investor rates. Why do you say you can't remortgage your existing ppr ?
 
Hi CmTaz,

Couple of reason's why I don't want to remortgage Dublin PPR...

1. Just in the process of doing it. It takes ages and I need to complete the process to release deposit money for new PPR in Tipperary.
2. Based on our salaries, €251,000 loan is more or less enough of a loan to pay back.
3. Wanted future Dublin Rent to comfortably cover loan.
4. Any more and i would have to pay stamp duty on the mortgage deed.

So anyone know of a broker who can swing such deals like a 115% mortgage?

Micka.
 
good luck with mortgage would be interested to hear how you get on
 
Hello,

You could cross charge on your other rental properties taking out the new mortgage with the same lender will make this an easy process, A good broker should be able to help you out with this one, its all a matter of putting the package together well enough for the banks.

Best of luck

[email protected]
 
Micka,

I just managed to pull this off (outside Dublin) a few months ago. I was able to get an agent on the Banks panel to confirm to the Bank that the property was worth a higher figure than the sale price (the argument may have been that it would be worth X amount more after we put did up the house - not sure). It was based on an agreement I reached with the Vendors agent (i.e. he put me in touch with a "Pal") prior to buying. Good to see the Celtic tiger hasn't killed off the old ways of business (at least outside the Pale) yet ! Good luck !
 
Apsil said:
Micka,

I just managed to pull this off (outside Dublin) a few months ago. I was able to get an agent on the Banks panel to confirm to the Bank that the property was worth a higher figure than the sale price (the argument may have been that it would be worth X amount more after we put did up the house - not sure). It was based on an agreement I reached with the Vendors agent (i.e. he put me in touch with a "Pal") prior to buying. Good to see the Celtic tiger hasn't killed off the old ways of business (at least outside the Pale) yet ! Good luck !
Click to expand...
And if things go belly up you or the bank can sue the valuer for 'professional' negligence, in overvaluing in the first place. Hey you could even undertake your own valuation, (as a punter on this board admitted to some weeks ago) cutting out the middle man. Who ever said the Irish property market is a bubble must be barking.:D
 
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