Approval for second mortgage in current climate?

S

suziehol

Guest
Just wondering if anyone has advice on mortgage approval for second mortgage. I currently own an apt in Dublin 5 and have tracker mortgage for €280k with my husband. We both earn €55k and were looking to upgrade to a house in the area so would probably need a mortgage for bout €450k. We were hoping to keep our apt and rent it out. Has anyone been in a similar situation recently? Do you think we would get approval for a second mortgage or are we dreaming?
 
At first glance it looks unlikely - 730k in borrowings on joint income of 110k.

This could change depending on rental income, total loan to value, whether you have any loans, children, your ages, occupation, job security etc.
 
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