Equity Based Mortgage

T

topman

Guest
Have equity of approximately 35k on salary of same.how much can i get of a mortgage
 
age 28.no other loans... repayments on mortgage are 950 per month but have one tenant so actual repayments on my behalf are lower
 
age 28.no other loans... repayments on mortgage are 950 per month but have one tenant so actual repayments on my behalf are lower
 
How much is outstanding on your current mortgage? What is the value of that property? Is it fully let or do you rent a room and live there yourself? Who is your current mortgage with?

Sarah

www.rea.ie
 
living in it myself property valued at 260 approximately 192 k outstanding on mortgage . its with NIB
 
Well then I'd say your income is fully commited servicing that mortgage. You qualify for around €200,000 if you were to repay it and move house but for €8000 it's not really worth it IMHO.

Sarah

www.rea.ie
 
what if i were to rent the whole house get approx 1100. and rent myself.therefore more income available for second mortgage
 
Don't forget the tax (e.g. income tax, stamp duty clawback if applicable, CGT etc.) and other implications of renting out a former PPR. You should not plunge into such a venture lightly and without weighing up all the pros and cons.
 
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