Hi Folks,
Looking for some advice, myself and my other half are looking at the possibility of my moving house because we are expecting our first child.
At the moment this is the situation
Me: Income 45k, permanent semi state employment, owns a 2 bed apartment valued at 85-90k outstanding mortgage 122k (rentable for 700pm)
Other half: Income 29k permanent private sector employment, owns a 2 bed apartment valued at 200k, outstanding mortgage of 200k.
Neither are rented out at the moment, although my brother is moving into the cheaper one shortly.
At the moment we have about 4k in savings, saving 800 euro a month, also my father has offered us a gift of 25k if we need it to buy a family home.
Should we try sell both, take a hit on the first apartment and take the negative equity into the new mortgage? which would be roughly 35k . Thus new house 210k+35k=245k. Presuming the we took the 25k off my dad this would leave us with a mortgage of 225k and no apartments to worry about.
Or would it be possible to hold on to my place, get the other half to sell her apartment and buy a smaller house in her name only(if needs be) for around 200k? then look at the possibility of selling the new house and the remaining apartment a few years down the line? That way we wouldn't be taking a hit on my apartment, or using my Dads 25k. Also the repayments would be lower.
Which scenario are the banks likely to go for? Given my other halves low income, are they likely to let us do either? surely a 3 bed semi with 2 peoples names on the mortgage is a better bet for the bank than our current situation
Looking for some advice, myself and my other half are looking at the possibility of my moving house because we are expecting our first child.
At the moment this is the situation
Me: Income 45k, permanent semi state employment, owns a 2 bed apartment valued at 85-90k outstanding mortgage 122k (rentable for 700pm)
Other half: Income 29k permanent private sector employment, owns a 2 bed apartment valued at 200k, outstanding mortgage of 200k.
Neither are rented out at the moment, although my brother is moving into the cheaper one shortly.
At the moment we have about 4k in savings, saving 800 euro a month, also my father has offered us a gift of 25k if we need it to buy a family home.
Should we try sell both, take a hit on the first apartment and take the negative equity into the new mortgage? which would be roughly 35k . Thus new house 210k+35k=245k. Presuming the we took the 25k off my dad this would leave us with a mortgage of 225k and no apartments to worry about.
Or would it be possible to hold on to my place, get the other half to sell her apartment and buy a smaller house in her name only(if needs be) for around 200k? then look at the possibility of selling the new house and the remaining apartment a few years down the line? That way we wouldn't be taking a hit on my apartment, or using my Dads 25k. Also the repayments would be lower.
Which scenario are the banks likely to go for? Given my other halves low income, are they likely to let us do either? surely a 3 bed semi with 2 peoples names on the mortgage is a better bet for the bank than our current situation
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