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House owner buying new house, changing mortgage over?

  • 30-05-2015 1:28pm
    #1
    are you serious
    Registered Users, Registered Users 2 Posts: 1,047 ✭✭✭


    Hows it going folks a query to run by yourselves..

    Currently living in a house that "we" own, her good self owns it really but its ours ;)
    Going by the rest of the houses in our estate up for sale at the minute if we sold now today we would then have a profit of somewhere in the region of 50/60k after her mortgage is paid off from the sale.

    We are now on the lookout for a house and want to move from here selling the house we are in. So my main question is it a case where the bank would expect us to have this house sold then look for a new house once the sale is done and dusted?


Comments

  • #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,549 Mod ✭✭✭✭johnnyskeleton


    Not necessarily. chain sales are quite common. However, if you are relying on the equity of house 1 to fund the deposit of house 2 they may require a valuation report or that you sell first


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Exactly as Johnny has said- chain sales are pretty normal these days- the only people not involved in chain sales are first time buyers- or the few people who are cash buyers. In the old days- the banks had a lovely sideline in 'bridging finance'- where they could earn very high interest on short term loans to facilitate people selling one property- and buying another independently of the sale of property 1- and then paying off the loan (the bridging finance) when house 1 sold........ Those days are gone.


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,890 ✭✭✭✭ted1


    If your selling to cash in, then I don't think you'll do to well.

    By the time you add on solicitor fees, estate agent fees, stamp duty , moving etc a good few thousand will be gone.

    Also the replacment cost will have gone up in price as well .

    You'll effectively de down grading your house , this could mean getting a smaller house in the same area, getting the same house in a less desirable area, getting a larger house in a really remote place. Etc, etc.

    I'm up about 250k on my house , but so are all the other houses, so unless I exit the market it really means nothing


  • #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    ted1- it really depends.
    Its not black and white like this anymore.
    House prices are doing really weird things at the moment.
    Its really impossible to make a judgement call.
    Properties that estate agents thought would fly out the door- are sitting there months later- even after lower prices being offered.
    Prices that many considered too high and would have to be dropped- have been surpassed.

    The market is all over the place.


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