Will I get another mortgage?

M

Mammysboy

Registered User
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Hi,

My circumstances:

I am receiving rental income of 850/month. Outstanding mortgage on this investment property is about 112k, 11 years remaining. I would guess the property is worth about 150k. I don't wish to sell this.

I have about 40k in savings and looking to buy a new place to live in myself. I earn 80k per year and am 39 years of age, single with no other debts. Currently renting a place for 1000/month myself.

Would I get a mortgage and how much if so?

I will contact the banks and mortgage brokers of course but looking to get some views here first - thanks in advance.

Mboy
 
What's the repayment on the existing mortgage?

How much are you saving every month? Can this be easily documented going back a year or more?

Did you accumulate the €40,000 savings yourself or is there an element of gift / inheritance etc.?

Is €80,000 your basic salary? If not, please break it down.
 
Thanks for the reply.

Existing payments are 950/month.

Savings - yes I can provide evidence - saved over the last couple of years. It's been accumulated on a "lumpy" basis, e.g. bonus paid and sometimes saving a lot more one month more than another. It's all savings, no gift/inheritance.

80k is basic salary. Bonus is inaddition to this but will not be paid this year or next so I can't count on that. I have no other income.
 
Okay existing property will be seen as a small drag on income but everything else is strong from your post. I'd say you could be approved for high 200s for a new loan.

Liam D. Ferguson
 
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