No.Would any mortgage lender in Ireland include that income when determining what they would lend me?
At the moment, with rising building costs and interest rates, self build mortgages are stress tested more than usual. Banks are adding contingency to any estimates you provide as budget.If I ran out of money during the build, what options do I have?
I think it is, but I would only need circa €1500 per month nett to make the additional repayments on the additional mortgage. So even if I were to get €3,000 per month nett from renting, on top of my own €1500 or so contribution to the mortgage I would have the income to cover the repayment. I was initially thinking of the rent-a-room €14,000 per annum, but I read somewhere if you have a lot of expenses in that year you might be better off going for the full rent and writing expenses off against tax: €2,748.02 monthly repayment on a €500,000 mortgage according to Bonkers (https://www.bonkers.ie/compare-mortgages/your-results/). Would hiring a QS give the bank some certainty in terms of costs of the entire build?Let's say you rent out 3 double rooms at €1,500 per month each. That would bring in €54k in gross rental income, or about €27k net.
Do you think it's realistic to get €1,500 for each room? (I'm basing that rent on a double bedroom in an apartment in Dublin city centre.)
Having fully costed plans done by a QS would be assumed before you even apply.Would hiring a QS give the bank some certainty in terms of costs of the entire build?
They don't but they use to. In the run up to the financial crises you could borrow more money for a more 'bedroomed' house. We all know how that turned out.I don't think a bank will take potential rental income from rooms into account.
Remember the Central Bank's macro-prudential limits. The will not take into account potential income, only your current income.The house would be in a very high demand area of Dublin so there'll be no issue renting it and receiving €30,000 or so nett income per year from it.
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