Second Mortgage with substantial downpayment, negative equity on first

F

fivespot

Registered User

Messages

3

• 6 Jun 2011

• #1

Hi,
I owe €275k on an Apartment with a sale value of approx €180 ie close to €100k Neg Equity.

I have through inheritance a sizable sum of €150k with which I wish to purchase a second property.

Is it likely I can get a Second Mortgage? Wishing to buy a place for €220 so about €70k needed, even though original place is in Negative?

Is this possible?

 

A

ajapale

Moderator

Messages

7,704

• 6 Jun 2011

• #2

Moved from Mortgages and buying and selling homes to Property investment. Please post in the correct sub forum.

Have you looked at any alternatives to investing in a second property?

 

F

fivespot

Registered User

Messages

3

• 6 Jun 2011

• #3

I am looking to move into the new property and rent out the first.

 

J

Jim2007

Registered User

Messages

2,344

• 6 Jun 2011

• #4

fivespot said:

I am looking to move into the new property and rent out the first.

Click to expand...

Of your total wealth what percentage of it will be in property?

Jim.

 

F

fivespot

Registered User

Messages

3

• 6 Jun 2011

• #5

Approx 60%

 

D

Daisy09

Registered User

Messages

56

• 6 Jun 2011

• #6

If I was in your shoes I would sell the apt and use some of your money to pay off the neg eq. Then use whats left to buy the place for 220.