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Selling and buying no deposit

  • 20-04-2015 1:03pm
    #1
    G87
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hi,

    just wondering if anyone can help me out here. Were thinking of selling our current home and moving to another area. We've met some estate agents and have a good idea of what the house could make if we do sell.
    Now, thing is we only moved in last june and every penny we have has gone into refurbishing the house which in turn has left us with basically no savings.
    So i'm wondering even though the bank has approved us for a new mortgage providing our house gets sold for such a price, would they be willing to upfront any of the loan that we could use a deposit for the estate agents on the new house? or is there any other way of going about this apart from selling first then buying later so would have the profit from the current house to use a deposit?
    Just the hassle of moving out and renting in between moves cud get messy and trying to avoid it if at all possible.

    Any help or ideas appreciated


Comments

  • #2
    Sleepy
    Registered Users, Registered Users 2 Posts: 24,367 ✭✭✭✭Sleepy


    Isn't this precisely what bridging loans are for?


  • #3
    G87
    Registered Users, Registered Users 2 Posts: 36 ✭G87


    yeah bridging loan allows to buy and sell at the same time but would they consider giving part of the loan to secure a booking deposit? or is there anything else they would consider?


  • #4
    MAJJ
    Registered Users, Registered Users 2 Posts: 1,679 ✭✭✭MAJJ


    I am not aware of banks doing bridging loans anymore. Would love to hear otherwise as I am in the same boat as the OP and it's not getting us anywhere.


  • #5
    Uno my Uno.
    Registered Users, Registered Users 2 Posts: 905 ✭✭✭Uno my Uno.


    Sleepy wrote: »
    Isn't this precisely what bridging loans are for?
    MAJJ wrote: »
    I am not aware of banks doing bridging loans anymore. Would love to hear otherwise as I am in the same boat as the OP and it's not getting us anywhere.

    As best I'm aware bridging loans are not being offered by any of the Banks currently. The banks have become drastically over cautious since the bust and Bridging loans just aren't on the cards as a result.


  • #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Just to confirm- good luck with PTSB, BOI, AIB or Ulster Bank if you're looking for bridging finance.

    What most people are doing now- is selling and only after they have sold- going looking to buy elsewhere (or doing it at the same time- but ensuring that they close their own sale 12-15 days before they close their purchase (i.e. they may have to put goods into storage temporarily and/or live in hotels or elsewhere- very short-term between the two transactions. You can try some of the other lenders- but I wouldn't have any confidence that the story will be any different with them.


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