Hi,
We are a married couple with 2 Tracker mortgages.
Tracker 1: €165k outstanding - house value €125k - currently being rented and covering repayments.
Tracker 2: €125k outstanding - house value €175k - current residence.
We are about to build a new house subject to planning permission. Initial indications from the banks are that we should not have any issues securing a new mortgage as we are both in steady employment with good savings.
Question:
Is there an innovative way to use Tracker 2 when our new house is built and ready to move into? We are open to the idea of renting it out until its value increases however if there was a way to use it to reduce our outgoings on the new house that would be preferential.
I hope I'm making myself clear.
Thanks in advance for your time.
We are a married couple with 2 Tracker mortgages.
Tracker 1: €165k outstanding - house value €125k - currently being rented and covering repayments.
Tracker 2: €125k outstanding - house value €175k - current residence.
We are about to build a new house subject to planning permission. Initial indications from the banks are that we should not have any issues securing a new mortgage as we are both in steady employment with good savings.
Question:
Is there an innovative way to use Tracker 2 when our new house is built and ready to move into? We are open to the idea of renting it out until its value increases however if there was a way to use it to reduce our outgoings on the new house that would be preferential.
I hope I'm making myself clear.
Thanks in advance for your time.