Likelihood of Mortgage including renovation costs

Hello,

I would like to receive opinion on whether we (married couple) would be able to get a joint mortgage based on the figures given below. And could we get a mortgage that includes for renovation costs.

The mortgage would be for circa €350k (€250k + €100k for extension/renovation).



Current situation

• P1 is jointly owned by my partner and a sibling and is rented out. It's on a tracker +1.1%. 27 years remaining. Actual monthly expense below reflects the fact that other half only pays 50% and sibling pays other 50%.
• P2 is owned by me and we both live in it. Also tracker +1.25%. 22yrs remaining
• Both properties bought in 2005.

Current Situation
Original Mortgage
P1 292000
P2 263000
Outstanding Mortgage
P1 252000
P2 227000
Property Value
P1 170000
P2 110000
Equity
P1 - 82000
P2 - 117000
Monthly Mortgage Payment
P1 910
P2 930
Rental Income
P1 700
Actual Montly Expense
P1 210 / 2 = 105
P2 930



Future Scenario

• A property in a location we would like to live in has become available and we are quite interested in it, however I'm unsure if we would qualify for a mortgage given the large amount of joint negative equity.
• P3 would be applied for as joint mortgage.
• For P3 we have assumed a 92% AIB SVR over 30yrs in the figures below.
• Also we have assumed €350k mortgage. However this includes for €100k of renovation costs.....are mortgages available that include for renovation costs??
• Assume for now that once all work is done property would be actually be worth €350k+.
• P2 would become a rented property.

Future Situation
Original Mortgage
P1 292000
P2 263000
P3 350000
Outstanding Mortgage
P1 252000
P2 227000
P3 322000 (925)
Property Value
P1 170000
P2 110000
P3 350000
Equity
P1 - 82000
P2 - 117000
P3 + 28000
Monthly Mortgage Payment
P1 910
P2 930
P3 1580
Rental Income
P1 700
P2 600
Actual Montly Expense
P1 210 / 2 = 105
P2 330
P3 1580



Current Income Info:

• Our current annual income, expenditure and savings is as given below.
• This is all take-home-pay; after tax, pension deductions etc.
• The annual expenditure includes for all annual expenditure including the outgoings noted above.
• No loans other than the mortgages for P1 and P2 (i.e no car loans, credit cards etc)
• Total joint savings amount to circa €120k.
• Long-term PAYE employees; each with our companies approx. 10yrs. Relatively secure but who knows!!!!

Annual:
Income 1 51000
Income 2 35400
Expenditure (joint) 52644
Savings (joint) 33756 (2813per month)

Apologies for the list of figures....couldn't copy and paste an excel spreadsheet into the post. Thanks in advance for you help!