Hi all
I have a chance to buy another property a 2 bed apt for €317K; I also have a mortgage on a 1 bed, which is in the same development. I bought the 1 bed for €205 and it is now worth €255K. I now wish to buy the 2 beds and rent the 1 bed (already have tenants for 1 bed). Getting a very good deal on the 2 beds also.
I have a mortgage with F Active on the 1 bed, but thinking of going for an offset with NIB and changing both over to NIB.
I was getting a rate of 3.53 on the family home (2 bed) and a rate of 4.03 on the 1 bed (38 years on the 2 bed, 25 years on the 1 bed).
The problem is that I will need 100% for the two bed as I need to keep funds for furnishings and F Active have told me that since they never give a mortgage for 100% on a second property that rate of 4.03 would be required.
The rates seem a bit high anyone got feedback on this?
I have a chance to buy another property a 2 bed apt for €317K; I also have a mortgage on a 1 bed, which is in the same development. I bought the 1 bed for €205 and it is now worth €255K. I now wish to buy the 2 beds and rent the 1 bed (already have tenants for 1 bed). Getting a very good deal on the 2 beds also.
I have a mortgage with F Active on the 1 bed, but thinking of going for an offset with NIB and changing both over to NIB.
I was getting a rate of 3.53 on the family home (2 bed) and a rate of 4.03 on the 1 bed (38 years on the 2 bed, 25 years on the 1 bed).
The problem is that I will need 100% for the two bed as I need to keep funds for furnishings and F Active have told me that since they never give a mortgage for 100% on a second property that rate of 4.03 would be required.
The rates seem a bit high anyone got feedback on this?