I have recently moved back to Ireland from Australia with my family and I'm trying to get a mortgage to renovate/extend a property that I have recently purchased. We have two other properties, one in Ireland, one in Australia both with mortgages.
The Aussie property is worth 540,000 aud with 300,000 aud remaining on the mortgage. Mortgage repayments are 1,000 aud per month, rents for 2,000 aud per month.
The Irish property is worth 300,000 eur with 140,000 eur remaining on the mortgage. Mortgage repayments are 590 per month and rents for a modest 850 per month with excellent long-term tenants.
I have purchased our family home outright, it is worth 225, 000 eur. I am now looking for a mortgage of approximately 200,000 eur to renovate it.
I thought after saving money whilst in Australia that my financial position was quite healthy but it appears that the bank does not agree and is poised to refuse my mortgage application on the basis of a worst case scenario view of our other mortgages.
Does any one have any advice on a way forward that does not involve selling either property?
The Aussie property is worth 540,000 aud with 300,000 aud remaining on the mortgage. Mortgage repayments are 1,000 aud per month, rents for 2,000 aud per month.
The Irish property is worth 300,000 eur with 140,000 eur remaining on the mortgage. Mortgage repayments are 590 per month and rents for a modest 850 per month with excellent long-term tenants.
I have purchased our family home outright, it is worth 225, 000 eur. I am now looking for a mortgage of approximately 200,000 eur to renovate it.
I thought after saving money whilst in Australia that my financial position was quite healthy but it appears that the bank does not agree and is poised to refuse my mortgage application on the basis of a worst case scenario view of our other mortgages.
Does any one have any advice on a way forward that does not involve selling either property?