Hey All,
I bought a two bed terrace house in D15 5 years ago under the affordable housing scheme with Fingal County Council. The house at the time was worth 190000, I have recently got a valuation and redemption figure from the council which leaves me with 95500 equity in the house. I am proposing to remortgage releasing some equity ( leaving approx 50,000) to purchase a house down the country. The idea is to get an interest only mortgage on the property in Dublin and rent out the house for a few years, this would cover mortgage payments plus a couple of hundred a month at current rental rates.
I would be grateful for anyones opinions on the wisdom (or lack therof) of doing this?
B
I bought a two bed terrace house in D15 5 years ago under the affordable housing scheme with Fingal County Council. The house at the time was worth 190000, I have recently got a valuation and redemption figure from the council which leaves me with 95500 equity in the house. I am proposing to remortgage releasing some equity ( leaving approx 50,000) to purchase a house down the country. The idea is to get an interest only mortgage on the property in Dublin and rent out the house for a few years, this would cover mortgage payments plus a couple of hundred a month at current rental rates.
I would be grateful for anyones opinions on the wisdom (or lack therof) of doing this?
B