Looking for some advice planning ahead for the next few years
Current Situation
Me: €51,000 Private FT
OH: €52,000 PS FT
No kids atm, probably on horizon in 2-3yrs
Apartment bought 2014 (all savings no gifts)
Current Value 280,000 (bought €240,000 2014/15 PPR has same properties at 280 -290,000)
Mortgage (Recent switch KBC to UB) 209,000 remaining SVR 3.1%
Savings €840/month
Current Savings: €18,000
Our current plan is to stay in our current property for 2-3 yrs and move to a self build outside Dublin
Site: Gift
Construction Costs €200k (Estimate)
Value on Completion €300k (Estimate)
Decision is whether to sell up and make a clean move or try to retain apartment as investment
If we decide to retain as an investment I'm wondering if we would be in a position to get a second mortgage on a self build for say €180K (i.e. 20k cash into build and site) while hold the apartment as an investment (current rents €1400-1600). This in my estimate at current market would leave us at approx 380k (3.7ish LtI) of mortgage exposure against property "worth" 550-600k
I know nobody has a crystal ball but any advice/comments are appreciated
Current Situation
Me: €51,000 Private FT
OH: €52,000 PS FT
No kids atm, probably on horizon in 2-3yrs
Apartment bought 2014 (all savings no gifts)
Current Value 280,000 (bought €240,000 2014/15 PPR has same properties at 280 -290,000)
Mortgage (Recent switch KBC to UB) 209,000 remaining SVR 3.1%
Savings €840/month
Current Savings: €18,000
Our current plan is to stay in our current property for 2-3 yrs and move to a self build outside Dublin
Site: Gift
Construction Costs €200k (Estimate)
Value on Completion €300k (Estimate)
Decision is whether to sell up and make a clean move or try to retain apartment as investment
If we decide to retain as an investment I'm wondering if we would be in a position to get a second mortgage on a self build for say €180K (i.e. 20k cash into build and site) while hold the apartment as an investment (current rents €1400-1600). This in my estimate at current market would leave us at approx 380k (3.7ish LtI) of mortgage exposure against property "worth" 550-600k
I know nobody has a crystal ball but any advice/comments are appreciated