Qualifying for mortgage (new apt)

[nai]

Hi,

My wife recently took voluntary redundancy and we were looking at a 1 bed apt in prime rental/growth location as an investment. Our situation is as follows :
My income - 61k gross.
Cash in savings a/c - 35k
PPR value - 465k
Current Mortgage - 292k remaining @ 3.05 tracker (29 years)
Current mort repayments - c. 1100 after trs.
One other loan - 12k (repayments 240 pm) - just bought new passat.
Both have max'd ssia's due to mature March 2007.

Apt details (1 bed):
Price - 255k
Due for completion Early 2007.
Expected rental (based on current levels) - 900 - 950 pcm.

Our intention had been to go 100% int only using current ppr to cross secure if possible but bot boi and aib have indicated that they could only go ~80% ltv for apt.
Can any of our experts point me in the direction of some lenders that may make this work ?
My employment status is prob going to change in the next few months (moving from perm job to IT contracting) and my expected daily rate is ~ 375 per day but we need to get mort approval now prior to paying 10% deposit.

Cheers.

 

[oulu]

Bank of Scotland would be a good bet fot your situation

Hi,

My wife recently took voluntary redundancy and we were looking at a 1 bed apt in prime rental/growth location as an investment. Our situation is as follows :
My income - 61k gross.
Cash in savings a/c - 35k
PPR value - 465k
Current Mortgage - 292k remaining @ 3.05 tracker (29 years)
Current mort repayments - c. 1100 after trs.
One other loan - 12k (repayments 240 pm) - just bought new passat.
Both have max'd ssia's due to mature March 2007.

Apt details (1 bed):
Price - 255k
Due for completion Early 2007.
Expected rental (based on current levels) - 900 - 950 pcm.

Our intention had been to go 100% int only using current ppr to cross secure if possible but bot boi and aib have indicated that they could only go ~80% ltv for apt.
Can any of our experts point me in the direction of some lenders that may make this work ?
My employment status is prob going to change in the next few months (moving from perm job to IT contracting) and my expected daily rate is ~ 375 per day but we need to get mort approval now prior to paying 10% deposit.

Cheers.

 

[RainyDay]

Have you factored in vacant periods, furnishing costs, income tax, maintenance costs etc into your calculations?

 

[nai]

Hi RainyDay,

yes - we have factored in potential vacancies etc and will have a capital sum set aside from one of our SSIA's to meet any additional expenses but to be honest it is possible that we will not keep the apartment for long after we take ownership - we are buying in phase one of a very nice, well located development with tons of amenities and are expecting the capital appreciation to make a short term turnaround worthwhile given that we are buying a 2007 apartment at 2005 prices. and btw I know about the past performance and all that .....
It's just a matter of getting a bank to agree with me !