O
onthewater
Guest
Your views would be greatly appreciated.
Myself and my wife currently have a home which no-longer meets our needs.
We also have a direct family member who has financial difficulties and would like us to buy his home. His home would meet our needs & in principle it could work for everyone.
However in the case of our existing home we have a tracker mortgage of +.6 on the ECB rate and we have 11 years remaining. It is not in negative equity and we are advised is worth approx + €20,000-25000 over the outstanding mortgage balance.
Current home
· Tracker of +.6
· Outstanding balance €168000
· Joint mortgage. One public servant salary of €70000 pa
One private sector secure employment of €50,000
· Mortgage originally 35 yr when taken out approx 8 years ago but we are paying at increased rate. Currently paying back €1400 pm having reducsed from €1900 pm in recent months
· We are saving a minimum of €1000 pm for a number of months
· We have approx €60,000 in savings
· We are 35 + 36 yrs old and we have one child currently
· We have no other loans
Proposed purchase
Our proposed dwelling will cost approx €400,000.
Question: is there any possibility that we will be able to keep our existing house as an investment property and get a mortgage to acquire a new home.
Your views will be greatly appreciated.
Myself and my wife currently have a home which no-longer meets our needs.
We also have a direct family member who has financial difficulties and would like us to buy his home. His home would meet our needs & in principle it could work for everyone.
However in the case of our existing home we have a tracker mortgage of +.6 on the ECB rate and we have 11 years remaining. It is not in negative equity and we are advised is worth approx + €20,000-25000 over the outstanding mortgage balance.
Current home
· Tracker of +.6
· Outstanding balance €168000
· Joint mortgage. One public servant salary of €70000 pa
One private sector secure employment of €50,000
· Mortgage originally 35 yr when taken out approx 8 years ago but we are paying at increased rate. Currently paying back €1400 pm having reducsed from €1900 pm in recent months
· We are saving a minimum of €1000 pm for a number of months
· We have approx €60,000 in savings
· We are 35 + 36 yrs old and we have one child currently
· We have no other loans
Proposed purchase
Our proposed dwelling will cost approx €400,000.
Question: is there any possibility that we will be able to keep our existing house as an investment property and get a mortgage to acquire a new home.
Your views will be greatly appreciated.