Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Residential and investment top-up mortgage on same property?

Options
  • 15-04-2023 12:05pm
    #1
    [Deleted User]
    Posts: 0 ✭


    If somebody has maxxed out their mortgage capacity to buy the family home, what are their options if they'd like to develop part of the family home? Specifically, if part of the family home can, with further capital investment, be converted into residential property that could earn €3000-€4000 per month in rent, how could they go about financing the additional €200,000 cost?

    If it's via a property investment mortgage, would the part of the family home that would be converted into rent-earning accommodation need to be converted into an investment property in order to secure finance? What is the smartest way of financing this, and what sort of professionals could I speak with who would know about this sort of financing (and the best way to deal with the tax, legal, and planning issues)? Thanks.



Comments

  • Options
    #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    If you've borrowed the max you possibly can I don't see you getting a second mortgage against the same property. You would need collateral to secure a second mortgage.



  • Options
    #3
    DubCount
    Registered Users Posts: 1,086 ✭✭✭DubCount


    Engage a mortgage broker who will be best placed to look at an complex individual case.



Advertisement