wife currently on fully paid maternity leave. returns to work in August.
wife owns property in own name bought prior to marriage. Mortgage outstanding €215k, Value say €115k, Tracker ECB +1.25%, €950 monthly payment. Aim to keep and rent out for say €750pm
husband owns property with sibling bought prior to marriage. Mortgage outstanding €240k, Value say €190k, Tracker ECB + 1.15%, €950 monthly payment, rented at €800pm so pays €75pm. PRTB, Taxes etc above board.
Is it possible to get a mortgage approved within say 10 working days?
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husband owns property with sibling bought prior to marriage. Mortgage outstanding €240k, Value say €190k, Tracker ECB + 1.15%, €950 monthly payment, rented at €800pm so pays €75pm. PRTB, Taxes etc above board.
You didn't ask, but how about sorting out the issue of husband owing property with sibling? .
Agreed.Maybe go to the auction to see if it's not sold. Then you can negotiate privately in the following days.
EBS & PTSBWho are the mortgages with?
Presume this only applies if we sell say wife's property and bring negative equity to new mortgage?All the main banks now allow borrowers to port their trackers to a new property, although at a higher rate. You should investigate this angle.
Maybe go to the auction to see if it's not sold. Then you can negotiate privately in the following days.
Not panicked, simply asking questions!This is a bad way to approach this project. Panic already, no mortgage application, 2 negative equity mortgages, no legal title checked, no survey done etc.
I do get this. See OP whereby example of say our maximum bid would be €375k. Therefore mortgage required is €375k x 90% = €338k. EXAMPLE ONLY!!And you don't understand that you would need mortgage approval of the amount the property will actually sell for not it's AMV.
Agreed.In relation to banks and auctions, you would want to be more than 500% clear that there is absolutely nothing wrong with the title before you could bid at auction.
Yes new property is liveable in, but old and cold!Is this property liveable in, where are you currently staying?
Correct.The property owned with the in-law may not be a problem. Perhaps they both see it as a joint investment which they're both happy with.
Info I was looking for. Thanks!That said, I agree fully that two weeks is not enough time to prepare to bid at auction. It might be possible to get mortgage approval in that period of time if you have all your bank and mortgage statements, payslips etc., filed away and are prepared to pay for couriers to get them dropped into a bank's head office (or do it yourself if that's practical).
Properties we tend to be attracted to need "modernisation". How likely is it to obtain mortgage in excess of purchase price to allow for repairs etc. Assume quotes are provided.But you'd still need to be absolutely sure that the legal title is 100% and you'd need to get detailed estimates of the cost of refurbishment / repair.
Info I was looking for. Thanks!From a mortgage approval perspective, the two existing houses will be a significant drag on your assessable income. Banks always "stress-test" the mortgage repayment - add at least 2% to the interest rate and discount the rental income to account for tax on rent, repairs, ongoing costs etc. Most banks will assess your husband on the full mortgage with his sibling - not just half.
Had the same thoughts. Seems to be limiting the market to me. Cash buyers would need to access funds...may have fixed term or notice deposit accounts. Mortgage buyers need time to get all their ducks in a row.The timing seems suspect to me - from your original post you say that the property has just been advertised and is going to auction in two weeks' time. This would lead me to think that Bronte is correct - that there may well be issues of some sort with the property and that the auction is being set with an unrealistic lead-in time in the hope that someone will panic-buy and miss the issue.
Coming to that conclusion myself!My advice would be to forget this property. If you're keen to move, then arrange mortgage approval at your leisure first. Then start looking.
If you want to buy a property for say €415k, you will need an additional €300k.€215k, Value say €115k,
Cash buyers would need to access funds...may have fixed term or notice deposit accounts.
Thanks for the info Brendan.
On a tangent:
With regard to the portable tracker mortgages, is it possible to get the non-tracker element fixed.....isn't there a risk that any benefit gained by the tracker is eroded due to a SVR that can be set at an ever increasing rate by bank.
If for pig-iron and curiosity's sake I was to try and pursue mortgage approval within the next two(ish) weeks would you recommend using a broker or applying to the banks directly?
Thoughts being, if the auction does not result in a sale I'd be interested in being in a position to make a private treaty offer in the days/weeks afterwards. Therefore a quick turnaround on mortgage approvals is still required.
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