Sorry Brendan. Just a bit new to this!You need to provide more and clearer information to get a meaningful answer.
Home value: €130k; Mortgage €130k @ 1.1%
Investment value: €275k; Mortgage €246k @ What rate?
What rent are you getting on the investment property?
Cash available: €50k including inheritance
What is the cost of the house you wish to buy?
Are AIB asking you to sell your home or the investment property?
Will Bank of Ireland allow you to keep both properties while giving you a mortgage for a new one?
Brendan
That mortgage payment of €1,125 is only €250 interest and €900 capital. In other words, you are reducing the loan balance by about €11,000 a year.Rent is currently 1250. Mortgage 1125 so profit €125 as such
They will only do 20% for second time buyer but said we would qualify to carry our tracker rate to a new mortgage if we sold the property plus 1% so 2.2% on €247k of a new mortgage.
Even as a pension plan lump sum for my hubby it’s pretty much a pension for no cost per month.
I feel we should keep the house we are in until we find another as renting is dead money.
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