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Use flat as deposit for mortgage?

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  • 08-06-2018 11:11am
    #1
    cojobt
    Closed Accounts Posts: 208 ✭✭


    Hi,

    I'm considering buying a new property which would become my primary residence, and let out my current home


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    #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    cojobt wrote: »
    Hi,

    I'm considering buying a new property which would become my primary residence, and let out my current home.

    I have a mortgage on my primary residence, a semi-detached house which is almost out of negative equity, depending on who evaluates it. It's worth approximately €135k, with €140k outstanding (bought at the peak of the boom for €190k). I own a small flat which is worth approximately €50k, with no outstanding loans. My earnings are €50k p.a.

    I would like to borrow €150-€170k, but only have €7k in savings. This will rise to at least €14k by October. I know this falls short of the required minimum deposit for a mortgage for an investment property (the new property would become my primary residence, and the other two would be let), but is it possible to secure a loan against my current properties? In theory, that is. Can this be done?

    Hi cojobt,

    Thanks for getting in touch with us here.

    I'd ask you to contact our Mortgage team directly as the advisers would have to look into your existing accounts and your details to see what options are available to you.
    You can arrange a call back through our main website in the mortgage section or call our mortgage specialists directly on 1800 817 575.

    Thanks again,
    Darren.


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