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Getting a Mortgage on property with intent to rent it

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  • 26-01-2013 8:38pm
    #1
    Greenbaize
    Registered Users Posts: 57 ✭✭


    Hello all

    I am just looking for some information on how I would obtain a mortgage on a property for which I would like to then rent. I do not know how any of this goes so I am looking for advice from people who know about this.

    The property is going for €70,000 and is a new apartment. I was thinking how would I go about getting a mortgage and then renting it out, would a mortgage on that be more than what I could charge for renting it or could I make some profit each month doing it?

    All help is much appreciated as I would like to know how it works and hopefully hear from someone who has done this


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    First thing to do would be to check on Daft to see how much similar properties are being rented for in the same area, then get a quote for a 'buy to let' mortgage and see if it works out in your favour each month. You are likely to need between 10 and 20% of the property's price as a deposit as well, maybe even more as its an apartment and not a house.


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    #3
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi Greenbaize.

    Thanks for your post.

    To apply for a mortgage on an investment property, please contact the Mortgage Advisor in your account holding branch or call 0818 200 339 and a representative will be happy to process the application for you.

    For more information on our mortgage products, please see here.

    Hope this helps.
    Laura


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