Hi,
I am going through the process of sorting out my finances now that I have settled back in Dublin. In my current situation I recently took out a mortgage in Ireland (~450k) and will be looking to trade up / change area in around 4/5 years. I have an investment property in the North purchased for 95k GBP and is worth around 105k GBP now, the mortgage outstanding is 60k GBP with 18 years left and the property has a gross yield of 6.5%. During the mortgage application having this mortgage was not detrimental but it was not positive either. I have some spare monthly cashflow to go towards paying off a mortgage and as I could pay off the BTL mortgage in NI quicker. I am wondering is this a better strategy so that in 5 years I have a fully owned asset valued in the region of 110-120k Euros rather than having a smaller mortgage in Dublin but with still a large remaining balance. This assumes I can clear mortgage in that time. I would assume that given the property is in a different country (technically) they would not let me leverage it as an asset? Anybody have any thoughts on this?
Note I am not interested in selling the BTL property whilst it still has a mortgage as the rent currently covers the majority of costs and I have a long term tenant I am not in favour of disturbing.