Chances of a second Mortgage

smccart6

Age: 28
Spouse’s/Partner's age: 32

Annual gross income from employment or profession: €45k
Annual gross income of spouse: €47k

Type of employment: e.g. Public sector, self-employed: I am in the Health Service and he is a IT Software engineer (Permanent)

Saving: €2,000 a month savings combined

we currently rent property at 600p/m

Rough estimate of value of home: 110k
Amount outstanding on your mortgage: 200k (I bought this on my own)
What interest rate are you paying? Traker 1.25% Mortgage is €560 per month

Other borrowings – car loans/personal loans etc: No loans

Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? No Balance

Savings and investments: 60k saving combined

Do you have a pension scheme? Yes Both of us

Do you own any investment or other property? Yes stated above

Ages of children: 0

Life insurance: Yes


What specific question do you have or what issues are of concern to you?

I own the property on my own and bought it in 2007 and have rented it out since I bought it as the rental income makes a profit of €50 per month. It has no trouble in the past being rented out and is never left unoccupied in the 5years

I now want to take a mortgage out with my partner (he is FTB) for €240K would the banks entertain us? We have a site which was gifted to us and we plan to build.

killers1

smccart6 wrote: »

Age: 28
Spouse’s/Partner's age: 32

Annual gross income from employment or profession: €45k
Annual gross income of spouse: €47k

Type of employment: e.g. Public sector, self-employed: I am in the Health Service and he is a IT Software engineer (Permanent)

Saving: €2,000 a month savings combined

we currently rent property at 600p/m

Rough estimate of value of home: 110k
Amount outstanding on your mortgage: 200k (I bought this on my own)
What interest rate are you paying? Traker 1.25% Mortgage is €560 per month

Other borrowings – car loans/personal loans etc: No loans

Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? No Balance

Savings and investments: 60k saving combined

Do you have a pension scheme? Yes Both of us

Do you own any investment or other property? Yes stated above

Ages of children: 0

Life insurance: Yes


What specific question do you have or what issues are of concern to you?

I own the property on my own and bought it in 2007 and have rented it out since I bought it as the rental income makes a profit of €50 per month. It has no trouble in the past being rented out and is never left unoccupied in the 5years

I now want to take a mortgage out with my partner (he is FTB) for €240K would the banks entertain us? We have a site which was gifted to us and we plan to build.

Yes, in theory you should have no difficulty in obtaining approval. You salaries qualify you to borrow the amount required. You have a proven repayment capacity for the stressed loan repayments on both facilities as evidenced by savings, rent & existing mortgage repayments. Rent is currently being received on your existing property so banks will factor a % of that into their calculations. You have substantial savings to carry out a self build to cover cost overruns etc. Only downside to the application would be the level of negative equity on the existing property but as you have shown you can afford to maintain repayments on both facilities and the banks view you to be in secure employment this hurdle can be overcome.