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second time buyer deposit using equity on existing house

  • 16-06-2017 7:44pm
    #1
    lola85
    Closed Accounts Posts: 667 ✭✭✭


    I was just wondering if anyone has any similar experience on my current situation. I'm selling my house and buying a cheaper one. After paying back our existing mortgage we'll have a very decent profit. We're using 20 per cent of that as our deposit for our new house and borrowing the rest. We paid a booking deposit on our new house which is a new build. I explained to the estate agent that we didn't have the remainder of the 10 per cent deposit they require upfront until the sale on our existing house goes through. They said that would be no problem once our solicitor wrote to the developer solicitor explaining the situation. Contracts have now been issued but the developer solicitor is saying the remainder of the 10 per cent must be paid when the contracts are signed. We don't have approx 25K to pay until we sell our house. We are sale agreed and had arranged for both sales to go through around the same time so not till closer to this year end! It seems like we might loose out on our house all because of timings! Has anyone been in a similar situation?


Comments

  • #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Bridging loan? Its commonly done- and your current mortgage provider should facilitate it- esp. as you have equity in the property.


  • #3
    lola85
    Closed Accounts Posts: 667 ✭✭✭lola85


    The_Conductor wrote: »
    Bridging loan? Its commonly done- and your current mortgage provider should facilitate it- esp. as you have equity in the property.

    Thanks for the reply. I did mention a bridging loan when we paid our booking deposit but my own estate agent told me they don't happen anymore. I'll definitely ring my mortgage provider Monday and ask. They know we're selling for a lot more than we're buying so technically I wouldn't have thought it would be a big deal for them.


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