NEW mortgage on investment property

R

ricdub

Guest
MY friend has 100k in the bank,he,s thinking of buying a 4bed house for 270k as an investment for renting ,in dublin.
He,s 52 working full time.Would he be able to borrow 180 k as an investment mortgage.
HE OWNS no property ,lives with his girlfriend.IS there any chance of him getting a loan .HE would pay back the full mortgage in 10 years.Any advice would be appreciated.His weekly expenses are very small .
 
Onw way to find out, he should pop into a local branch of BoI or AIB and ask them.

He's obviously a good saver, but there is so many criteria you have to pass to qualify for a mortgage these days that he might still not qualify (for example, if he was earning €40,000 he might not get €180k).
 
IS THERE a formula the loan is 3 or 4 times your income,roughly.I think his age will count against him.so if his income is 40k, that means he might get 120k,or `160k max ?
 
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