Looking to get second mortgage

lou2sie

Hi
can anyone help me. AT the moment we have a house in the country with a mortgage of 120,000, we want to move back to Dublin and we want to buy a house there. We dont want to sell our house as it will only sell about 10,000 more than mortgage which will only pay fees etc and feel like we would have wasted years of paying mortgage to start all over again with interest, was hoping to rent out house for the duration of mortgage with the hope of buying another in dublin for about 150,000 i work as an sna for years but the dept wont put on a slip that im permanent even though i am nearly guaranteed job. anyways my husband wage wont get that mortgage so does anyone know a way of doing this or any advise on this, hopefully and thanks

D3PO

lou2sie wrote: »

Hi
can anyone help me. AT the moment we have a house in the country with a mortgage of 120,000, we want to move back to Dublin and we want to buy a house there. We dont want to sell our house as it will only sell about 10,000 more than mortgage which will only pay fees etc and feel like we would have wasted years of paying mortgage to start all over again with interest, was hoping to rent out house for the duration of mortgage with the hope of buying another in dublin for about 150,000 i work as an sna for years but the dept wont put on a slip that im permanent even though i am nearly guaranteed job. anyways my husband wage wont get that mortgage so does anyone know a way of doing this or any advise on this, hopefully and thanks

1) You will need a minimum of 20% deposit if not more as it will probably be seen as BTL mortgage have you got at least 30k saved ?

2) SNA is not nearly a guaranteed job. In fact many SNA's have been cut accross the country.

3) How will you handle things if you cant rent out your country house

It seems from your post that you havent though this through at all. not does it seem you have a prayer of getting a second mortgage.

StillWaters

You haven't a chance of getting a second mortgage sorry.

lou2sie

ok thanks, wishful thinking so looks like i will never get back at this stage.

I dont particularly want to rent my house would rather sell but would have to start over again unless there was a way of just getting add on from bank i dont know much about it yet.

Im in a special school which will always have children with SN (children have major care needs and children that need assisting with education needs) so to me it is a more guaranteed job than a lot that are called permanent even if the title sna is no more the care needs will still be there and there is a lot more in after me.
I had heard maybe incorrectly of a way of giving the council my house so it can be rented to someone from them for a min of 15 years..I know I havent gone through it properly and thats why i am asking the question to get some info before i was going to talk to the major people.
Thanks for advise

lou2sie

leeomurchu

StillWaters wrote: »

You haven't a chance of getting a second mortgage sorry.

You're basing this on what exactly??

OP best you go into your bank and put your question to a mortgage advisor.

You'll get opinion on here and most of it will be nonsense.

Good Luck.

D3PO

leeomurchu wrote: »

You're basing this on what exactly??

OP best you go into your bank and put your question to a mortgage advisor.

You'll get opinion on here and most of it will be nonsense.

Good Luck.

based on shes not permanent and her husband as she has said herself woudlnt qualify for the mortgage.

before you go attacking posters perhaps you should read all posts clearly.

leeomurchu

D3PO wrote: »

based on shes not permanent and her husband as she has said herself woudlnt qualify for the mortgage.

before you go attacking posters perhaps you should read all posts clearly.

So is it safe to assume poster is in the business of lending motgages... I assume not so neither he nor you are qualified to say yay or nay..

Also I didn't attack any poster so pack it in you numpty :rolleyes:

Duberlin Chick

Jeez I'd do anything to be able to sell my house with enough over to pay the fees. I'd be gone tomorrow to wherever my chosen destination was (in ireland) and not a hope I'd take out another mortgage in this lifetime. Government have all mortgage holders by the short & curlies. Stuck here, paying their ever growing list of taxes.

Would you not just rent if you find someone to cover your mortgage in your current house? Be where u want to be instead of waiting until you're in a position to get mortgage approval which could be a long time, just given the job security obstacle. Life's too short.

lou2sie

I know Dublinchick, I am very thankful that i am not in negative equity and thinking about the renting in Dublin if needs be would prefer to have a house, as i am only starting to delve into it all i dont know much but would you or anyone know if private houses do get rented for longterm would hate to be going from one rented acc to another i have young kids too which is a big reason for me to go to be around family thanks for reply

StillWaters

leeomurchu wrote: »

You're basing this on what exactly??

OP best you go into your bank and put your question to a mortgage advisor.

You'll get opinion on here and most of it will be nonsense.

Good Luck.

I'm a she. Based on a very good knowledge of current lending practices. Even if the OP was a first time buyer, looking for only one mortgage, she probably wouldn't get it, as she is on a rolling contract, and the husband is on low pay.

Add the risk of an existing mortgage, and chances are nil. You can call nonsense on my advice all you wish, I am just being frank.

D3PO

leeomurchu wrote: »

So is it safe to assume poster is in the business of lending motgages... I assume not so neither he nor you are qualified to say yay or nay..

Also I didn't attack any poster so pack it in you numpty :rolleyes:

you dont need to be in the business of lending mortgages to answer ever mortgage query. Who rattled your cage ? Not my fault you cant apply common sense to a post and have to therefore assume its ill informed opinion rather than concise feedback.

Galego

In my opinion, I work in the credit industry, your case is too risky for a bank to lend you a second mortgage. You will need a permanent job and not even that will ensure you a second mortgage. I would rent in Dublin and try to pay off more than 50% of your country house's mortgage before I would even consider getting into a second mortgage.

lou2sie

Thanks Galego, it is so hard to figure what to do, have been paying mortgage 13 years and only now getting to what we paid with having to pay interest thats why would find it hard to sell and start again, have to really think hard about renting ourselves in Dublin, I know we are in a better position than a lot but bought in the first place just to stop renting 13 years ago in the hope of eventually buying in Dublin, I suppose my job is never going to be permanent on paper anyway so were pretty much fecked i suppose, thanks for taking time everyone to bring me back down to earth lol

Galego

lou2sie wrote: »

Thanks Galego, it is so hard to figure what to do, have been paying mortgage 13 years and only now getting to what we paid with having to pay interest thats why would find it hard to sell and start again, have to really think hard about renting ourselves in Dublin, I know we are in a better position than a lot but bought in the first place just to stop renting 13 years ago in the hope of eventually buying in Dublin, I suppose my job is never going to be permanent on paper anyway so were pretty much fecked i suppose, thanks for taking time everyone to bring me back down to earth lol

Were you or your partner permanent back 13 years ago?

Personally, if I was to lend you money at the moment I would consider your country house a liability, more than an asset, and this would reduce your chances of having a big enough credit line to purchase the house that you want. From a credit point of view, you ideally want credit candidates to have no outstanding loans and then work out from there based on others circumstances how much they could afford to borrow.

lou2sie

Yep we were both permanent, i got the new job 5 years ago he is still permanent he i think will only get 100,000 on his own ah sure whats meant to be will figure something

killers1

lou2sie wrote: »

Yep we were both permanent, i got the new job 5 years ago he is still permanent he i think will only get 100,000 on his own ah sure whats meant to be will figure something

It's worth investigating with AIB seeing as you have 5 years of renewed contracts behind you with the same employer. Without knowing anything about income/savings & repayment capacity that you can show it's impossible to give you an indication but they will consider contract employees in certain situations.