Mortgage Question

M

moesha

Registered User
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48
Ive noticed there are some financial advisors around here and im hoping somebody can help me with my query.

Ok here goes. My partner and i are currently living in a house valued €300k, outstanding mortgage €100k. We were thinking about moving but we want to be able to keep our house that we live in now so we can rent it out and have it as our nest egg when we retire.

He earns €70 k per year wheras i only earn €13k coz im a job sharer. We are currently repaying €1000 per month against the mortgage.

How much would we be able to get if we kept our house? And also how much would we get if we sold the house for €300k and paid off the €100k mortgage. I hope yiz understand what im trying to ask.
 
Hi Maehsa,
I am a financial advisor and will help you with this but I need some more info. Ur current ages, how much rental will you get on ur current house when you move and have u any other loans.

Regards
Adfin info@advicefirst.ie
 
It would be better for AAM as a community board if these matters were dealt with in public as far as possible so that others can comment and learn. Also - you need to use your discretion when contacting newly registered contributors with no track record on the site directly. No offence adfin but as an FI I'm sure you would agree that this would be prudent.
 
Hi Moesha,

I would advise that you hold onto your existing property and let it out - you will need to clarify what the expected rental income would be on this property.

You should then qualify for aprox 4.5 times joint salary, ie. add both salaries together and multiply them by 4.5. This will give you a rough idea of how much you will be entitled to borrow.

You don't mention if you have enough money saved for the deposit or stamp duty on the new property but I don't think there would be a problem in topping up your existing mortgage to cover these fees.

I hope this information has been useful to you. If you require any further information, please let me know.

Linda Minto, QFA,
MINTO MORTGAGE & FINANCIAL.
TOWNYARD LANE
MALAHIDE
CO. DUBLIN. mintomortgages@eircom.net
 
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