I could buy a place for c. €500,000 using a combination of my deposit and a mortgage based upon my income. However, it would cost me about €625,000 to build the home I want, with the intention of renting out 2-3 rooms per year in it, my principal private residence.
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.
Would any mortgage lender in Ireland include that income when determining what they would lend me? What are my options to get that extra funding? If I ran out of money during the build, what options do I have?
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.
Would any mortgage lender in Ireland include that income when determining what they would lend me? What are my options to get that extra funding? If I ran out of money during the build, what options do I have?