I'm living 50 miles from work and have decided that it makes sense to look at buying an apartment in a nice seaside village closer to work (where I can stay once or twice per week) for around €100K. We have €25K for a deposit so would need a €75K mortgage. We have about €55K left to pay on our current tracker mortgage on the family home, 6 years left on that. I might consider letting the apartment occasionally using Airbnb as well to help pay the new mortgage. Our family will also use it as a holiday home now and again.
I presume I should just apply for a new mortgage and not necessarily with my current bank (PTSB)? Am I better looking at a fixed rate and who is offering the best deal currently for small mortgages (probably over 15 years)? We are due an inheritance in a year or so and we could use some of that to pay down the new mortgage (probably not the full amount however).
I presume I should just apply for a new mortgage and not necessarily with my current bank (PTSB)? Am I better looking at a fixed rate and who is offering the best deal currently for small mortgages (probably over 15 years)? We are due an inheritance in a year or so and we could use some of that to pay down the new mortgage (probably not the full amount however).