hi All
hoping someone can help me with this. I have 2 investment properties with my 2 brothers and sister:
a 4 bed apartment in rathmines worth ~€300k with €207k on the mortgage
a 2 bed in Limerick worth ~€50k with €147 on the mortgage (I know!!!!)
The combined rent from these two apartment meets thecombined mortgage repayments and they are both on tracker mortgages.
When I went to the bank to enquire about a mortgage for myself (~€220 on a salary for €63k with a €55k deposit) I was turned down because they view me as being liable for the full debt on the 2 apartments, i.e €354k not a quarter of it. So if I added a €220k mortgage to it I'd be exposed to over €500k which is WAY more than 4 times my salary.
Clearly my siblings are going to encounter the same problem if they want to buy a house.
My question is, is there anyway around this dilemma?
many thanks
Shona
hoping someone can help me with this. I have 2 investment properties with my 2 brothers and sister:
a 4 bed apartment in rathmines worth ~€300k with €207k on the mortgage
a 2 bed in Limerick worth ~€50k with €147 on the mortgage (I know!!!!)
The combined rent from these two apartment meets thecombined mortgage repayments and they are both on tracker mortgages.
When I went to the bank to enquire about a mortgage for myself (~€220 on a salary for €63k with a €55k deposit) I was turned down because they view me as being liable for the full debt on the 2 apartments, i.e €354k not a quarter of it. So if I added a €220k mortgage to it I'd be exposed to over €500k which is WAY more than 4 times my salary.
Clearly my siblings are going to encounter the same problem if they want to buy a house.
My question is, is there anyway around this dilemma?
many thanks
Shona