Unless it's cash from undeclared rent....The €700 cash with no record for rent on top of your other expenses would potentially look like a pretty extravagant lifestyle to someone assessing your outgoings.
On first look, I would say no. You've a low income, 4 dependents, and existing committments. Car loan will count significantly against you - it would reduce the amount you can borrow by c. 25k.
I would suggest that your best option might be to sell both the properties, take the equity and you'll end up needing to borrow less than 40k, to cover all your costs. You'd need to borrow a bit more than that for it to qualify as a mortgage.
No i've only one house rented and all is declaredUnless it's cash from undeclared rent....
Savings €7,000
Car loan of 120 pm
Per month?Rental Income: €7,800
Details of loans?Car loan of 120 pm
Mortgage on Rental Property €112,000
Repayments €620
I don't understand this.I am renting a house there for €700 per month. I am paying cash for this so there is no record of this on my bank account.
You must put the two houses up for sale as quickly as possible.
If you have a lot of cash, you will be in a good position in this market.
If you sell both, you will have about €200k after the mortgage is paid off.
You should be able to get €20k somewhere else. Maybe a credit union? Maybe a family member?
Can you pay off the car loan? What is the interest rate? What is the balance?
You certainly won't be able to do anything until you have sold at least one of the houses. So you may as well pay down the car loan. The €7k cash is not going to make any difference to you buying a house.
Brendan
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