Property to let

H

Havana

Registered User
Messages
254
I was wondering if someone could give me some feedback on whether this is a feasible idea. The figures are not exact but should give a fairly accurate picture. Totally new to buying investment property and just really weighing up figures before we make up our minds and get more advice.

We own a apartment, bought for €216,000, probably worth about €240,000, though not sure yet. Owe €190,000 mortgage. Looking to buy a house for about €220,000 to rent out.

We have been getting info on buy to let and are considering this option.

Another option is to involve a family member who can put in €50,000 cash. Basically what I am wondering is, is it feasible to remortgage our apt for €240,000, giving us an equal amount to put into the pot, and the 3 of us get a mortgage for the balance? What complications, other than the obvious, could this present?

Hope all this make some bit of sense. Just feeling our way around at the moment and knew this was agood place to start!!!

Thanks
 
What net initial yield will you achieve on your proposed buy to let investment, how did you arrive at you net yield figure, what criteria are you using to decide what type of property to invest in, what are your expectations for rental and capital growth over the next few years?.
 
you wont get 100% on your home mortgage. 90-95% is a more realistic level if you have the income to back it up.
 
Are you comfortable putting your home at risk for this investment? If the investment goes sour, the bank will take your home (though admittedly as a last resort).
 
Thanks folks. Will really have to consider it alot more. Will get accurate figures together and get some indepent advice. And decide if it is a risk we can take!
 
You must log in or register to reply here.
Back
Top