Hi, I'm looking for advice on whether I have any chance of getting a mortgage.
I'm 43, married with 3 kids. Wife does not have a job.
Civil Servant Salary: €36,000
Rental Income: €7,800
Savings €7,000
Car loan of 120 pm
Mortgage on Rental Property €112,000
Repayments €620
Due to family reasons I moved to a different area a few years ago and 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.
I would like to buy a house in this area now and hopefully €220,000 might get something suitable.
Property 1 I'm hoping to sell my rental property to the sitting tenants but the current economic situation might put a stop to that if they cannot get the mortgage required. The house next door to the rental (semi-detached) was sold for €200,000 a couple of years ago so I would be hoping for something similar?. Whatever happens I will be putting it for sale when they move out towards the end of the year. (No CGT as would be selling at a loss)
Property 2 I also have another house for sale that I was renting out up to March. This does not have a mortgage. It had a valuation of €140,000 but realistically I cannot see it getting anything like that now. (No CGT as would be selling at a loss)
If I managed to sell one of these houses before the end of the year and ended up with a minimum of €90,000 cash deposit, would I be able to borrow €130,000. Would the other unsold house help as I would reluctantly start renting that again if it didn't sell. Possible rent €500pm (no mortgage)
P.S. these properties were bought many years ago when I wasn't a Civil Servant, wasn't married and was earning more.
I'm 43, married with 3 kids. Wife does not have a job.
Civil Servant Salary: €36,000
Rental Income: €7,800
Savings €7,000
Car loan of 120 pm
Mortgage on Rental Property €112,000
Repayments €620
Due to family reasons I moved to a different area a few years ago and 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.
I would like to buy a house in this area now and hopefully €220,000 might get something suitable.
Property 1 I'm hoping to sell my rental property to the sitting tenants but the current economic situation might put a stop to that if they cannot get the mortgage required. The house next door to the rental (semi-detached) was sold for €200,000 a couple of years ago so I would be hoping for something similar?. Whatever happens I will be putting it for sale when they move out towards the end of the year. (No CGT as would be selling at a loss)
Property 2 I also have another house for sale that I was renting out up to March. This does not have a mortgage. It had a valuation of €140,000 but realistically I cannot see it getting anything like that now. (No CGT as would be selling at a loss)
If I managed to sell one of these houses before the end of the year and ended up with a minimum of €90,000 cash deposit, would I be able to borrow €130,000. Would the other unsold house help as I would reluctantly start renting that again if it didn't sell. Possible rent €500pm (no mortgage)
P.S. these properties were bought many years ago when I wasn't a Civil Servant, wasn't married and was earning more.