Hi Folks
I'm wondering if anyone has knowledge about the likelihood of securing a mortgage for two properties at once?
Current PPR is on an ECB + 1.25% tracker with KBC, there's 200k and approx 21 years remaining. LTV would be less then 50%. This was a joint mortgage with a parent, fully paid for be me though.
The second property I'm considering and would like to move to is worth 625k, and I'd be in a position to fund half of that up front leaving a mortgage of approx 300k and an LTV of less then 50%.
I'd like to keep my current PPR and use it as a rental property. It's in sought after area and the rent would be around 1.75 times the mortgage payment at the moment, obviously if the ECB rate goes up it becomes less lucrative.
I'm 35 years old and earning in excess of €200k PA, no other loans and the the deposit for the second house would come from savings and cashing in an equity portfolio. Realistically I could cover both mortgages if I needed to in the event of a gap in tenancy etc... I'd prefer not to of course.
Is it viable to approach a bank to discuss mortgaging a second property? I'd hope to keep the tracker rate I have at the moment, not sure if that would be allowed though. Selling the existing property isn't really an option for personal reasons, I understand it's probably the "cleaner" option though...
Constructive input is appreciated, thanks!
I'm wondering if anyone has knowledge about the likelihood of securing a mortgage for two properties at once?
Current PPR is on an ECB + 1.25% tracker with KBC, there's 200k and approx 21 years remaining. LTV would be less then 50%. This was a joint mortgage with a parent, fully paid for be me though.
The second property I'm considering and would like to move to is worth 625k, and I'd be in a position to fund half of that up front leaving a mortgage of approx 300k and an LTV of less then 50%.
I'd like to keep my current PPR and use it as a rental property. It's in sought after area and the rent would be around 1.75 times the mortgage payment at the moment, obviously if the ECB rate goes up it becomes less lucrative.
I'm 35 years old and earning in excess of €200k PA, no other loans and the the deposit for the second house would come from savings and cashing in an equity portfolio. Realistically I could cover both mortgages if I needed to in the event of a gap in tenancy etc... I'd prefer not to of course.
Is it viable to approach a bank to discuss mortgaging a second property? I'd hope to keep the tracker rate I have at the moment, not sure if that would be allowed though. Selling the existing property isn't really an option for personal reasons, I understand it's probably the "cleaner" option though...
Constructive input is appreciated, thanks!
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