Mortgage advice - situation less straight forward

Isthistaken321

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I'm looking for some basic advice on my future mortgage options.

My parents gifted me two small properties about 5 years ago, all capital gains are paid.

Property 1. worth about 120k, generating rental income of 700e pm (property in rural Ireland)
Property 2. worth about 220k small 2bed apartment I live in and get 700e pm under rent a room scheme. (property in Dublin)

I'm 30 years old and starting a career in the civil service on 32k pa. (will have incremental pay increases going forward)

In two years time if I had 30k saved for a deposit on a house, how does a bank look at my situation? (Eg good assets, but poor equity)

If I got a mortgage, the apartment I move out of could be rented for approx. 1,600pm. Would the bank take this into account as guaranteed future income?

Can I secure a mortgage by using another property as collateral?

Am I technically a first time buyer having never had a mortgage before? (but am a home owner x2)

I wouldn't be looking to sell any of the current property to get a mortgage, might the Bank insist that I do?

Thanks in advance :)
 
C. 75% of rental income will be taken into account as income for banks underwriting purposes. Not all banks.

For CBI purposes you're a FTB. So you'll only need 10% deposit.

There's no point being specific about banks when you're talking about 2 years time. Things might have moved on by then.
 
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Banks will want to see a savings history of regular payments into an account. They will also check how much you are spending. So my advice would be to keep any cash you get as rent for general expenditure as there is no paper trail (unless they really check hard enough). Use a simple account for debit and a specific deposit account for saving. Pay back a credit card account every month on time. Do not under any circumstances use a card for things like betting accounts or lottery. Don't get cashback or tap in a pub, go to an ATM and use cash.
 
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