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changing properties

  • 02-04-2016 12:40pm
    #1
    futurefarmer
    Registered Users, Registered Users 2 Posts: 179 ✭✭


    How does this sound, I have one property not occupied for three years moved in with GF so live in her house,
    childcare of 800 a month for two kids
    house value 80000-90000 approx,
    mortgage 88000 left,
    Salary 41000
    I am looking at putting this house on the market and buying another house to live in the future (opportunity has come up)
    New house value 125000
    I have a deposit of 25000
    So new mortgage is 100000
    I have never missed payments etc and have a good savings record so my question is what are the chances of getting a bridging mortgage while property one sells ?
    Not sure if I can wait for property one to sell before acting on property two

    Any views appreciated Sry if it's a lil unclear !


Comments

  • #2
    April 73
    Registered Users, Registered Users 2 Posts: 846 ✭✭✭April 73


    Bridging mortgages are very expensive & I'm not sure they would even be available these days.
    We had an offered accepted on a house & the owners accepted our offer knowing we had to put our house on the market - which we did the week after they accepted our offer.

    Are you in an area where there is a scarcity of property available?


  • #3
    futurefarmer
    Registered Users, Registered Users 2 Posts: 179 ✭✭futurefarmer


    April 73 wrote: »
    Bridging mortgages are very expensive & I'm not sure they would even be available these days.
    We had an offered accepted on a house & the owners accepted our offer knowing we had to put our house on the market - which we did the week after they accepted our offer.

    Are you in an area where there is a scarcity of property available?

    Shortage of rental properties so hopefully a first time buyer who is good to go comes along and makes my life easier 😅

    Thanks for the reply


  • #4
    April 73
    Registered Users, Registered Users 2 Posts: 846 ✭✭✭April 73


    You could always put your house on the market & gauge interest. You're not committed to anything until the contract signing stage.
    This could put you in a good position to put an offer on the other house if you are already on the market or sale agreed.


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