Low income but have assets - can I borrow?

Hi AAM'ers,

I realise I can only get 'best guess' answers to this one, but was hoping to get some opinions on the following.

I have a certain amount of assets but am earning a very low income. My assets (due to the kindness of sadly missed family members) amount to roughly the following:

• 2-bedroom apartment, mortgage free. Current value c.170k (bought in 2004 for 235k so I hope this valuation is reasonable)
• C.70k cash

The property was inherited some years ago, but due to PPR relief, I would be 1st time buyer for mortgage purposes. My job, which although entails a lot of responsibility, does not pay all that well. My current salary is 24k p.a. I was hired at 30k p.a. but we have been on a 4-day week for the past year. Not sure how long this will last. I haven't been saving anything of my salary up to now.

I currently live about 2 hours from Dublin, where I commute to to work. This is not really sustainable so I think I should make a permanent move to the city. Basically, given my financial circumstances, I am wondering how much finance I can secure to help me purchase a property in Dublin. I am happy to take on a small-ish mortgage. (But no more than 100k and less if possible). Basically, I'm looking for opinion on the following questions:

• Should I rent out the current property, and use the cashflow, along with cash assets and income to help pay a mortgage on a Dub property?
• Should I mortgage the current property, use my assets, and try and get a separate mortgage on my income?
• Will I even be able to get a mortgage given my low income and being on a 4-day week? If so, will they use my contracted income (30K) or my actual income (24K) to base a loan on? (that is probably a silly question)
• Shold I sell current property altogether, lump the proceeds in with the other cash & get a mortage based on just my income to help finance Dublin property?
• What, if anyone has any idea, could I be able to afford taking any of the above scenarios?

I don't expect any specific answers - I know it's complicated and I should be asking an advisor/broker. I'm really just seeking opinion and maybe some guestimates. Emotionally, it would be quite a big move for me, as I have no fallback in the way of family etc. Are there any alternatives out there that maybe I am missing?

BTW, I am early 30s, single, had the same job for the last three years, and would like to live in a 2-bedroom house in a half-decent area (Dub 2/4/6/8) within walking distance from the city centre. I know I am likely looking at D8 if this to be achieved. I don't really want to have to do ~too~ much to the new place, but could possibly do a bit of work if it made sense. Another apartment doesn't appeal to me what with management fees, confined living etc. Also if I were to lose my job, I would be reasonably confident of finding another one (albeit in a less desireable industry) which might even pay a little better. I would hope not to have to go down this route however as it took me forever to find a job I liked.

Anyway, I would really appreciate some outisde input. It might be that a move is out of the question and I am being an eejit for thinking it is! Sometimes it can be hard to see the wood from the trees, so all opinons welcome.

Cali

I'd sell the apartment and consolidate my money.

Once sold I'd then look at my options.

You don't need a rental property ... it will cost you in insurance, tax, PTRB fee etc.

Put all your cash together ... in the meantime I'd start pricing around.

Do you actually need the apartment long-term? Do you intend going back to live there at some stage in the future?

If not, I'd sell. With the proceeds plus your cash, you can buy something inexpensive in Dublin for cash, or get a small mortgage to buy something a little bit better.