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Chances of getting mortgage approval

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  • 13-06-2013 12:08am
    #1
    HandyMann
    Registered Users Posts: 2 ✭


    Hi Guys,

    What do you think my chances are of getting a mortgage of between 70-100k.

    Situation:
    Two apartments have come up for sale by the same owner. The Value of the properties are around 120-140 each.
    I was thinking of making an offer of around 250k for both as investment properties. The offer would include the contents of each house.

    Salary - 30k (temporary employee on contract, have been working in this company for the past 13months.)
    Other income - 22,500 per anum (other investment properties,)
    Savings - 175k

    I have no debts, have never taken out a loan. I have a credit card and have always paid this back on time.

    Both of these apartments have tenants in them and will make around 900-1000 per month each. Management fees of 1200 in each.

    I have moved home with my parents at the moment so living costs are small.

    I would like to aggressively pay this loan back and would be thinking of a 2,3 or 4 year mortgage. If i took out a longer term loan, can i pay lump sums to close out the mortgage quicker or would this incur fees?

    I was thinking i could guarantee the loan using one of my existing properties.

    I havent talked to any Banks or Brokers yet, however do you think i stand any hope of getting a loan as i am not permanent in my job?


Comments

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    #2
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    This is tiger stuff. You would be way too over exposed to one asset class.

    Ita not my investment however. Where are the properties? banks are not lending for investment outside the main cities. You can't get such a short term mortgage, but can overpay on a variable rate, but it makes no sense for an investor tax wise.


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    #3
    HandyMann
    Registered Users Posts: 2 ✭HandyMann


    Existing and potential properties are all located in main cities.

    What is the minimum type of mortgage you can get?

    True, it wouldnt be a wise move from an investor point of view.


  • Options
    #4
    witchgirl26
    Registered Users Posts: 2,141 ✭✭✭witchgirl26


    You might struggle to get a mortgage if you're on a temporary contract even if you have been there a while. I know when I was looking at it a few months ago, they wanted to know I was in a permanent position before considering me.


  • Options
    #5
    coffee_cake
    Registered Users Posts: 81,310 CMod ✭✭✭✭coffee_cake


    If you already have investment properties, start diversifying...


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