Joint mortgage mother and son

K

Kingbuyer

Registered User
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Hi guys just need a little info. Here's some info on myself.

Apartment with no mortgage currently let at €1500 per month.

Mother family home no mortgage

My current Savings 40k

I'm looking at getting into property investment and want to start a 100k apartment. I'm thinking about a joint account with my mother because I am currently unemployed. Would this be similar as having my mother as a guarantor?

Thanks guys
 
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Are you not already in property investment with one apartment and no mortgage? Your post needs a little more detail.
 
Guarantor's are no longer accepted by banks.

Look at the history of people who bought properties with family members or friends and see how messy it gets.

Leveraging as a means making money when you are unemployed is a high risk strategy that can end in years of pressure from banks looking for their money back.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
How will you make the mortgage payments if you can't rent the property or if your tenant stops paying their rent? Will your mother be expected to make the mortgage payments in such circumstances?
 
This does not sound at all good. realistically no bank would/should consider an application where the mother's pdh is put at risk in respect of a venture such as that proposed (why mention the value of your mothers family home which would appear to be the only rationale for including her on the proposal?)
 
Ok I'm just asking for advice on what to do. What about remortgaging the first property? And using it as a collateral? The first property Thats been currently let for the last three years would help me with the 2nd?
 
Collateral against what? Your only capacity to repay comes from rental income. So what if the tenant moves out??
 
Number one criteria for bank lending is ability to repay, collateral only comes after that, you don't seem to have much of the first so I doubt this is a runner for any lender.
 
Kingbuyer said:
Ok I'm just asking for advice on what to do. What about remortgaging the first property? And using it as a collateral? The first property Thats been currently let for the last three years would help me with the 2nd?
Click to expand...

Banks won't allow it. Too many people put up equity on one home against another. It's a recipe for disaster. Can't rent a property, no income yourself and two mortgages to pay?

Borrowing to make money is high risk strategy. Until you have a regular income yourself, the banks won't help you out.

Best of luck.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
You need to get a job firstly. No bank will lend you 100k for a buy to let. Focus on getting a job and building up a stable record before you look at this. I presume since you have no mortgage on the current buy to let that you are living off some or all of the rent. ?
 
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