lots of equity little income????

B

bilbob

Guest
My cousin inherited a house some years ago, its current value is 850k there is no mortgage, rental income is about 17k thousand a year, that is his only income as he is a full time student until September, he is looking to purchase a section 23 apt but not sure if based on the above if he would qualify for mortgage of 300k, any advice?
 
In a word - no. €17,000 p.a. (and discounting maintenance, vacant periods and any tax) would not be considered sufficient to qualify for another mortgage of any size.

Sarah

www.rea.ie

(back after 4 solid days and nights of horror movies in Edinburgh and sleeping with the light on for the foreseeable!)
 
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