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markowitzman said:incorrect........have a chat with your bank/financial advisor
Have done so.
Really? Well that's shattered my illusions of fiscal prudence in the Irish financial system. Joking
Are you sure that there isn't some leveraging/gering against other properties/assets involved? Surely lenders do not give out 100% RIP/BTL mortgages without some other security, either formally or informally "pledged"?markowitzman said:Nope ......all a matter of negotiaition really.
An advisor helps to fight these battles for you with the banks.
markowitzman said:I have got them to cover loan stamp duty etc etc and I am not alone on this.
I know of one friend that got 120% to cover fit out etc on a Section 50 property.
Granted both of us have significant other assets but they were not brought into either deal.
Are you sure that concentrating so much of your wealth (including borrowed wealth!) in a single asset class and geographic region (Irish domestic property) is the most appropriate investment for your particular needs? Have you done a financial health check/fact find (DIY or with an independent, professional advisor) and objectively assessed all other possible alternative investment opportunities before deciding that property is the right one for you? Before somebody (once again) accuses me or others of being negative about property investments I am just pointing out what might be considered some prudent caveats about this query.scrubs said:Hello,first time poster here.We would like to know if banks are going to give me a 100% interest only mortgage based on my current borrowings.I have current mortgage of 450,000 on property worth 1.1 m.We have savings to pay stamp duty and expenses.We would like to hear some opinions before we approach our bank.We are keen to know what sort of money they would consider loaning.This would be to invest in residential investment property/ies in Ireland.
Thanks for your opinions.
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