Hi All,
I am new to this site and have found it very informative and helpful.
I am currently investigating the purchase of a second property in Ireland. My main query is regarding the best way to finance such. I currently have an irish property with equity built up of about €50k. The outstanding mortgage is currently in the region of €280K. My current salary is €32000.
My plan is to purchase a house and rent out the current property. I have done the sums and based on these the return is acceptable, taken account of future probale rate increases and other negatives. The rent from property 1 would cover the current mortgage and generate a small profit after expenses & tax.
Given this would the banks look favourably on this? What would be the best way to proceed with such a plan? How much would the banks be willing to advance?
Thanks for your replies in advance,
I am new to this site and have found it very informative and helpful.
I am currently investigating the purchase of a second property in Ireland. My main query is regarding the best way to finance such. I currently have an irish property with equity built up of about €50k. The outstanding mortgage is currently in the region of €280K. My current salary is €32000.
My plan is to purchase a house and rent out the current property. I have done the sums and based on these the return is acceptable, taken account of future probale rate increases and other negatives. The rent from property 1 would cover the current mortgage and generate a small profit after expenses & tax.
Given this would the banks look favourably on this? What would be the best way to proceed with such a plan? How much would the banks be willing to advance?
Thanks for your replies in advance,