Advice regarding loan for deposit

sibyrne

Looking for some advice. Have searched around though am none the wiser. Selling apartment and buying a house. Need the 10% deposit for the house purchase. Is there any specific types of loans I should be looking at. It will be a short term loan, as apartment is paying for it when cash comes through. Roughly €30,000.

Thanks in advance

amcalester

That’s a bridging loan and not very common any more.

Can you not buy/sell as part of a chain?

sibyrne

amcalester wrote: »

That’s a bridging loan and not very common any more.

Can you not buy/sell as part of a chain?

We are buying/selling as part of chain though have been told we need to come up with the deposit. Not very clued in when it comes to buying selling. What is the normal process here.

amcalester

sibyrne wrote: »

We are buying/selling as part of chain though have been told we need to come up with the deposit. Not very clued in when it comes to buying selling. What is the normal process here.

Full despising or booking deposit?

And when told you this?

sibyrne

amcalester wrote: »

Full despising or booking deposit?

And when told you this?

Booking deposit was paid. They are looking for a 10% deposit before the contracts are signed. From what I took

Cyrus

sibyrne wrote: »

Booking deposit was paid. They are looking for a 10% deposit before the contracts are signed. From what I took

Is your mortgage not dependent on selling the apartment? I don't see how you can sign contracts until the apartment is sold

sibyrne

Cyrus wrote: »

Is your mortgage not dependent on selling the apartment? I don't see how you can sign contracts until the apartment is sold

It's the deposit payable on signing the first contract.

Mike3549

sibyrne wrote: »

It's the deposit payable on signing the first contract.

Dont sign anything until your buyer signs the contract and pays deposit.

sibyrne

Mike3549 wrote: »

Dont sign anything until your buyer signs the contract and pays deposit.

Absolutely.

December2012

See if they’ll accept a lower deposit. Honestly getting into more debt is a bad idea

sibyrne

December2012 wrote: »

See if they’ll accept a lower deposit. Honestly getting into more debt is a bad idea

Agreed. Realistically is only until the money comes through for the sale of the apartment. Talking weeks realistically

December2012

taking out a loan could affect the mortgage for the new property. Honestly talk to the agent. It happens a lot

Cyrus

sibyrne wrote: »

It's the deposit payable on signing the first contract.

Which you can't or at least shouldn't sign unless you are certain on the mortgage which I assume you arent unless the apartment closes