The € 20,000 p/a rental income comes from my current property in Dublin. I rent out two rooms and I am currently staying in my partner's family home.
This what I would like to do if possible. Maybe my original expectations were too high.
90% Equity Release 342,000
Less AIB Mortgage Balance -248,000
94,000
Less short-term debts -23,000
71,000
71,000 towards new Property
Second Mortgage based on :
My Salary 34,000
Rental income on current property 20,000
Partner Salary working part-time 15,000
69,000
Father a guarantor if required. Salary 150-200k. He is a GP so im not 100% sure of his annual earnings.
Based on these details would I not get a second mortgage for approx € 330,000. Plus the 71,000, I could look at property at the € 400,000 range?
Please let me know if the above would be possible.