Additional Mortgage

C

Cork22

New Member
Messages
8
Hi all,

Thanks in advance for any advise.

I am based out of Ireland, plan to return in the next 3-4 years. I have 2 existing mortgages (EBS and Haven), 1 is on our family home and the other is for a rental property. Does anyone know if its possible to get a 3rd mortgage for an additional rental property assuming I meet the approval criteria from a financial perspective? If so with who? I have checked with EBS and Haven and its a no go because I have existing mortgages. Cheers.
 
Without any details on income, mortgages on the two current properties, other debt, this is a “how long is a piece of strong” question.
Not sure how you would classify one of the properties as “family home” if you are not living here though.
 
newirishman said:
Not sure how you would classify one of the properties as “family home” if you are not living here though.
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PPR relief may be available in some circumstances where one's work takes one abroad but it's impossible to say if that applies here.

As you say, far too little info posted to address the questions posed.

I would ask why the original poster thinks that it's a good idea to concentrate so much in one asset class/risk-reward profile - i.e. Irish domestic property?

But maybe they have millions in other asset classes so that makes sense for them. Impossible to tell.
 
I wish I had millions, maybe in the next life

I owe 80k and 200k on the mortgages and the properties are both worth approx. 350k.

Salary is 150k tax free.

I have no other debt but some savings tied up in shares and 50k in a BOI savings account.

I stay in the property with the 80k outstanding mortgage when I am home.
 
For a BTL mortgage, you'll need 30% deposit. I'm not sure your 50k will be 30% of a property in the current market.
 
Cork22 said:
I have no other debt but some savings tied up in shares and 50k in a BOI savings account.
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Maybe a money makeover post is in order as it's difficult to give advice with only partial info.

Money makeover

Budgeting and dealing with debt moved to Mortgage Arrears and Debt Forum .
www.askaboutmoney.com
As I've already said, I wonder why you think that concentrating the majority (I think) of your investments in one asset class/risk-reward profile is appropriate? Generally having a more diversified portfolio is a better idea.
 
HollowKnight said:
For a BTL mortgage, you'll need 30% deposit. I'm not sure your 50k will be 30% of a property in the current market.
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I have sufficient funds in my shares to make up the 30%.
ClubMan said:
Maybe a money makeover post is in order as it's difficult to give advice with only partial info
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I'm always open to advice however I'm just looking to know whether any of the Irish banks may be willing to provide a 3rd mortgage for an investment property.
 
Cork22 said:
I have sufficient funds in my shares to make up the 30%.
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You're not going to get much, if anything, for c. €150K.

Did you get the existing two mortgages while working outside Ireland? I would have expected that lenders might be reluctant to lend to borrowers not living here?
 
ClubMan said:
You're not going to get much, if anything, for c. €150K.

Did you get the existing two mortgages while working outside Ireland? I would have expected that lenders might be reluctant to lend to borrowers not living here?
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Yes, I got both mortgages while abroad.

Not sure where you get c. €150k for a property from.....
 
Cork22 said:
Does anyone know if its possible to get a 3rd mortgage for an additional rental property assuming I meet the approval criteria from a financial perspective?
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I think most of the responses are missing the OPs question.

I don't know the answer for sure but there are many makeover threads on here where people have 3 or more properties with mortgages. If the financial (and other) requirements are met then it must be possible.
 
Cork22 said:
Not sure where you get c. €150k for a property from.....
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€50k in shares being your 30% deposit.

Maybe you should try a broker to see that they think of your chances of a third mortgage or just start applying yourself? Without full details of your overall financial circumstances it's difficult for anybody here to say whether or not you'd get it.
 
Thanks for the response and for confirming what I was thinking since I received the first response, since I'm new I didn't want to look unappreciative of peoples responses by stating the same.

ClubMan said:
€50k in shares being your 30% deposit.
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You misread the thread, I have 50k in savings and I have whatever is required to make up the required 30% deposit with the money tied up in my shares. However its worth noting that a friend of mine recently bought a decent property in the west for under 150k which isn't a bad deal considering the rent is 850/month.
 
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