Negative Equity chances of second mortgage

[LByrne]

Hi,
I was wondering if someone could give me some advice before I go to the mortgage broker to see what I should expect;
I am currently in negative equity (NE) of 100K, this is for a two bedroom apartment. Myself and my fiance want to buy a house as it is too small for future. My finance doesn’t pertain to this NE just myself. The apartment is currently rented and has been for the last 6 years with no issues of finding tenants.
My current salary is 45K and my finance is 38K. We have 80K between us in savings and do not have any cards, overdrafts or loans. What are the chances that we would qualify for a mortgage of 170-180K?
Would my finance be better applying for a mortgage on his own?
Any advice would be greatly appreciated.

 

[Brendan Burgess]

Who is your lender? The active lenders have products for allowing people to move their negative equity to a new home.

How much is your apartment worth and how much is outstanding on your mortgage?

What is the interest rate you are paying? Is it a tracker or a variable rate.

How much is the monthly rent?

Whatever you do, make sure to do up an agreement between yourself and your fiancé over the ownership of the new house.

Brendan

 

[LByrne]

My current lender is PTSB.. I want to retain the property and dont want to move to a negative equity home if possible.
I am currently on tracker a mortgage interest rate is currently 2%, it is in my contract for mortgage that i can retain my tracker even though i rent.
Currently I am getting 700 in rent and the mortgage repayments are 640.
We plan to get married in the next year but dont know about holding off as once married he wouldnt be able to go for a mortage on his own if that makes sense.
I would like to get a mortage if possible of 170-180K but I would say my chances are quite low.

Sorry I forgot to mention the mortgage on current property is 200K and the value in the current market for property is 100K