Hi,
I've recently returned from being abroad for the past 15 years. During this time my primary residence was rented out and is still rented out at €2500/month(D14).
The value of the house is aprox. €500K to 550K and has a tracker mortgage with €10K remaining(Sept 2018), the repayments are €450/month.
I am currently setting up my own business so am/will be self-employed but currently have no other recorded income for the past few years(I was traveling) except income from the rental property.
I would prefer to keep and remortgage the rental property to purchase a smaller property valued around €100K to €120K but am unsure if I can do this in my current situation? I have €40K in savings.
Any advice would be greatly appreciated!
I've recently returned from being abroad for the past 15 years. During this time my primary residence was rented out and is still rented out at €2500/month(D14).
The value of the house is aprox. €500K to 550K and has a tracker mortgage with €10K remaining(Sept 2018), the repayments are €450/month.
I am currently setting up my own business so am/will be self-employed but currently have no other recorded income for the past few years(I was traveling) except income from the rental property.
I would prefer to keep and remortgage the rental property to purchase a smaller property valued around €100K to €120K but am unsure if I can do this in my current situation? I have €40K in savings.
Any advice would be greatly appreciated!