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Trading down on a mortgage

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  • 21-02-2011 4:25pm
    #1
    dave1982
    Registered Users Posts: 4,604 ✭✭✭


    Hi all Thanks for reading

    I am just wondering what are the T&Cs in trading down to a smaller cheaper house.

    Reason is to try and make sure we can continue to pay the mortgage


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    There is no terms for a trade down. You basically have to sell your current property and buy a new one.

    When you sell your current one you clear the mortgage on the current mortgage and get a new mortgage for the smaller property. This can be hard these times.

    There are bridging loans to get you the new property while trying to sell the current one but also rare to get one approved these days.


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