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Getting mortgage for second house

Fermi · 2018-06-18 15:46:41

Hello all, wondering if anybody can help me with the following situation. Myself and second half have a house in Mayo, there is 15 years left in the mortgage, the remaining mortgage is about 50k and house value is about 85-100k according to the local auctioneer. I have found a work in Galway and we would like to move…

18-06-2018 4:46pm

#1

Fermi

Registered Users Posts: 144 ✭✭

Join Date: January 2010

Posts: 126

Hello all,

wondering if anybody can help me with the following situation.

Myself and second half have a house in Mayo, there is 15 years left in the mortgage, the remaining mortgage is about 50k and house value is about 85-100k according to the local auctioneer.

I have found a work in Galway and we would like to move closer to the city due to long commute I have. I spoke to my bank about possibility of getting a second mortgage, we would need about 170-200k. As our combined income is about 47k annually and we have a small child, they said this would not be an option.

So I feel a bit stuck, we can we do?

Can anybody provide any advice?

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Comments

#2 18-06-2018 4:53pm

Liam D Ferguson

Registered Users, Registered Users 2 Posts: 542 ✭✭✭

Join Date: September 2006

Posts: 532

Difficult one. General rule of thumb is about 3.5 x salary which is €164,500 in your case. That's with no other loans. I think you may have to sell the Mayo house before you go again.

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