Hi,
I have a meeting with AIB next week with regards approaching them on their opinion on giving us a mortgage of €400k. This is based on us first selling our current PPR (details given below), but ideally keeping the investment property (this mostly has to do with the fact that a family member also has contributed investment to the rented property)
I have outlined our details below with regards earnings, savings and current property situation. Both properties are in Dublin, with the investment in a pretty good rental location (have it consistently rented since 2007 and have never had to pay or contribute anything to the mortgage repayment since it has been rented out)
Do you think it is realistic to be able to get a mortgage of €400k based on circumstances?
What issues are the bank likely to have?
I am hoping that the good tracker rate I have on the PPR is something that will work in my favour in getting the loan.
All advise appreciated before the appointment next week.
Thanks
Me (age 31) Wife (age 32) Total
Annual Gross Pay €64,000 €52,000 €116,000
Monthly Net pay €3,400 €2,950 €6,350
PPR (in my name) - tracker of 0.6% with term remaining of 23 years (with AIB)
Value approx €270,000
Mortgage O/S €222,000
Monthly repayment €970
Investment property in wifes name - tracker of 1.15% with term remaining: 29 years (with First Active)
Value approx €170,000
Mortgage O/S €223,000
Monthly repayment €860
Monthly rent received €992
Savings
Combined Total Savings €50,000
Combined savings per month €2,100
In addition to this, a lump sum inheritance of €40,000 to be received at the end of the year
No other debts outstanding
No kids – but would like 2 kids in the next 4 years
I have a meeting with AIB next week with regards approaching them on their opinion on giving us a mortgage of €400k. This is based on us first selling our current PPR (details given below), but ideally keeping the investment property (this mostly has to do with the fact that a family member also has contributed investment to the rented property)
I have outlined our details below with regards earnings, savings and current property situation. Both properties are in Dublin, with the investment in a pretty good rental location (have it consistently rented since 2007 and have never had to pay or contribute anything to the mortgage repayment since it has been rented out)
Do you think it is realistic to be able to get a mortgage of €400k based on circumstances?
What issues are the bank likely to have?
I am hoping that the good tracker rate I have on the PPR is something that will work in my favour in getting the loan.
All advise appreciated before the appointment next week.
Thanks
Me (age 31) Wife (age 32) Total
Annual Gross Pay €64,000 €52,000 €116,000
Monthly Net pay €3,400 €2,950 €6,350
PPR (in my name) - tracker of 0.6% with term remaining of 23 years (with AIB)
Value approx €270,000
Mortgage O/S €222,000
Monthly repayment €970
Investment property in wifes name - tracker of 1.15% with term remaining: 29 years (with First Active)
Value approx €170,000
Mortgage O/S €223,000
Monthly repayment €860
Monthly rent received €992
Savings
Combined Total Savings €50,000
Combined savings per month €2,100
In addition to this, a lump sum inheritance of €40,000 to be received at the end of the year
No other debts outstanding
No kids – but would like 2 kids in the next 4 years
If your wife takes maternity leave, your monthly income could be down significantly for an extended period. After that you could be looking at expensive childcare or if one parent stays at home, a permanant drop in income.