Hello There,
I've been thinking about buying a house as an investment in either Galway or Wexford. I live at home with my parents in Dublin and forsee being there for at least another 2 years. The plan is then to possibly sell this 2nd property and buy somewhere in Dublin in 2-3 years time.
Now on my current sallary (€25,000-30,000) a year I am not elegible for a mortgage of about €160,000 which is what I would need.
My question is this. Will banks take into account that (a) I will be renting the place I buy and (b) that I live at home thus have minimal expenses.
I wont be living in the place that I buy and will rent it which will cover most of the mortgage payments. Now I'd imagine that the banks view will be, "can you afford to pay the repayments if there is nobody renting for a while". And even with my low sallary I would be able to easily afford the payments while living at home.
Will the banks see it this way or just turn me down? Any advice would be much appreciated.
Thanks,
Robert
I've been thinking about buying a house as an investment in either Galway or Wexford. I live at home with my parents in Dublin and forsee being there for at least another 2 years. The plan is then to possibly sell this 2nd property and buy somewhere in Dublin in 2-3 years time.
Now on my current sallary (€25,000-30,000) a year I am not elegible for a mortgage of about €160,000 which is what I would need.
My question is this. Will banks take into account that (a) I will be renting the place I buy and (b) that I live at home thus have minimal expenses.
I wont be living in the place that I buy and will rent it which will cover most of the mortgage payments. Now I'd imagine that the banks view will be, "can you afford to pay the repayments if there is nobody renting for a while". And even with my low sallary I would be able to easily afford the payments while living at home.
Will the banks see it this way or just turn me down? Any advice would be much appreciated.
Thanks,
Robert