So confused to we rent and buy another home

R

roro

Guest
Hi, I am really confused and unable to make a decision.

Myself and husband have a mortgage of €135k and have had house on market for 10 months with no buyers.

We have the opportunity to buy another house in country for 180K. What are the implications if we rent house in Dublin and look for another mortgage to buy second home.

1. What are the tax implications?

2. What term of a mortgage will I get at 38 yr old and husband 48?

3. Can I use house in Dublin as colateral to buy home in country?

I am really not sure what to do. Would love to live in country and feel the dream slipping away...
 
The bank will only lend to you if they feel that you have the earnings capacity to repay both mortgages.

Even if a bank does lend to you, you should be very careful about the risk involved.

There is no need to panic. There are lots of houses for sale in the country.

In the vast majority of cases, the advice is to wait until you sell your own home before buying another house.
 
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