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After selling house options query...

  • 12-08-2016 3:54pm
    #1
    BronsonTB
    Registered Users, Registered Users 2 Posts: 1,906 ✭✭✭


    Hi, I am selling a house (have to sell) that is in negative equity.

    If it sells & if I paid back the negative equity remainder on the existing mortgage, would I still have to have 20% deposit in order to be able to buy another house?

    Or will I be stuck renting as I'd never have a full 20% saved (+ pay the neg equity) before my current house sells.

    Sligo Metalhead



Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,588 Mod ✭✭✭✭Gumbo


    BronsonTB wrote: »
    Hi, I am selling a house (have to sell) that is in negative equity.

    If it sells & if I paid back the negative equity remainder on the existing mortgage, would I still have to have 20% deposit in order to be able to buy another house?

    Or will I be stuck renting as I'd never have a full 20% saved (+ pay the neg equity) before my current house sells.

    You will
    Not be a first time Buyer anymore so 20% deposits required.


  • #3
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    You can get a negative equity mortgage that doesn't take account of the central bank deposit rules. It was specifically included in the rules for situations such as yours. You will still have to comply with the income multiple of 3.5 though.


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