Will we get a mortage?

M

mary t

Guest
My husband and I are 52 and in full employment. We own our own house and it is valued at 1.5m euro. We would like to buy an investment property with a view to helping our son get on the property ladder and provide some pension for ourselves. We will be in a position to pay the deposit but would like to get a mortage.
a Would we be able to get a mortage
b What would be our best way to tackle this problem?
 
mary t said:
Would we be able to get a mortage ?
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Can not tell without knowing your revenue , how much you need to borrow, how much equity you have in your €1.5m house?

mary t said:
What would be our best way to tackle this problem?
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What problem? Has your mortgage application been refused? Did you apply?
Don't take offence, but if you see problem by just thinking about potentially buying something and the fact that you would like to get a mortgage, then don't bother buying an investment property.
 
I don't fully understand your post as you don't give enough information. By and large you can get a mortgage on an investment property if you have at least 20% deposit, and can give evidence that the rental income will more or less cover the mortgage. Age nor earnings are taken into account (unlike a mortgage on a personal private residence).

Just because you can get it doesn't automatically make it a wise thing to do.
 
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