Hi Guys
I'm currently living in a 2 bed apartment and i'm looking to move in the new year. I have €137,000 left on my mortgage and i'm not in negative equity. I'd make possibly about €40,000 on the sale. However i have €70,000 (combination of savings, a previous redundancy & a gift from family) aside so ideally i'd like to be able to keep the apartment as an investment (already have potential tenants lined up) and then get a second mortgage as the rent income would easily cover my mortgage repayments on the apartment.
My concern is that im a single applicant earning approx 36,000 a year so im worried i wont get a second mortgage. I'm intending on setting up a meeting with a mortgage advisor to discuss but i'd just like to get some other opinions from you good folk...
Cheers
I'm currently living in a 2 bed apartment and i'm looking to move in the new year. I have €137,000 left on my mortgage and i'm not in negative equity. I'd make possibly about €40,000 on the sale. However i have €70,000 (combination of savings, a previous redundancy & a gift from family) aside so ideally i'd like to be able to keep the apartment as an investment (already have potential tenants lined up) and then get a second mortgage as the rent income would easily cover my mortgage repayments on the apartment.
My concern is that im a single applicant earning approx 36,000 a year so im worried i wont get a second mortgage. I'm intending on setting up a meeting with a mortgage advisor to discuss but i'd just like to get some other opinions from you good folk...
Cheers