My husband & I are seeking to purchase a new family home of approximately €450,000. We would like advice on how best to achieve this preferably within 18 months but within 4 years.
Currently we both own properties purchased before we were married.
Property 1: This is our PPR
Current Mortgage €348,000
Current Value: €305,000
Mortgage: Ulster Bank, Tracker ECB +1.15%
Monthly repayment: €1,035
Potential rental income: €1,400
Property 2: Co-owned by husband & friend and currently rented
Current Mortgage: €200,000
Current value: €165,000
Mortgage: PTSB, SVR 4.5%
Monthly repayment: €1,100
Rental Income: €800
Combined income €128,000. Deposit €20,000 and currently saving €1600 pm. Further deposit of €30,000 available from parents if required.
Options we have considered include renting both properties, selling one or both properties, negative equity tracker mover mortgage, waiting for positive equity.
Any advice appreciated!
Currently we both own properties purchased before we were married.
Property 1: This is our PPR
Current Mortgage €348,000
Current Value: €305,000
Mortgage: Ulster Bank, Tracker ECB +1.15%
Monthly repayment: €1,035
Potential rental income: €1,400
Property 2: Co-owned by husband & friend and currently rented
Current Mortgage: €200,000
Current value: €165,000
Mortgage: PTSB, SVR 4.5%
Monthly repayment: €1,100
Rental Income: €800
Combined income €128,000. Deposit €20,000 and currently saving €1600 pm. Further deposit of €30,000 available from parents if required.
Options we have considered include renting both properties, selling one or both properties, negative equity tracker mover mortgage, waiting for positive equity.
Any advice appreciated!