Updated almost 9 years ago on . Most recent reply
Cant see a path past first property
Hi, I am looking for some words of advice. I am 28, income is 25K annual, net worth is 12K, I have just started saving for my first down payment . Irish law demands you have 36 months of pre-mortgage savings for a first time mortgage which must demonstrate an ability to save 125% of monthly repayments (For a 600 month mortgage, I must save 800 a month for 36 months). Irish banks require 10% deposit on mortgage up to 220K and 20% down payment on anything higher than220K. My first purchase will be between 100-200K im sure (A rental property that will yield 600/month in rent). I cant apply for ages yet. Anyways, my concern is I can achieve this BUT, then im stuck? You see my goal is to own many units of property, but I dont see a way to do this. I am scared stiff that when I get my first property I will be locked in debt. My question is how do people move quickly into getting a second mortgage so they can add a second property and so on. I hope my message makes sense.