We've partnered up with to offer a space where you can talk directly to Peter from and get an exclusive discount code for a free job listing. If you are recruiting or know anyone else who is please check out the forum here.
If you have a new account but can't post, please email Niamh on [email protected] for help to verify your email address. Thanks :)

Possible to Downsize house without purchase deposit?

  • 20-02-2018 11:42am
    Registered Users Posts: 3 Classic Senior


    I hope you can help with this question.

    We are a couple in early sixties with a larger home and our children have moved on. We have a mortgage (5 years remaining) but no savings. The house has good equity (approx 80%) but the monthly mortgage is significant.

    We would like to downsize in order to clear our mortgage and remain mortgage free but would like to move directly into a smaller house rather than selling ours first in order to get the proceeds while renting as we search a house.

    For people in such situations with good equity and no cash flow, are there any suggestions for them to place an offer on a smaller house (booking deposit, 10% down payment, fees, etc) who don't have the savings to buy but have the equity to sell. It seems that such costs might be as high as €50- €70k ?

    Thanks in advance


  • Registered Users Posts: 5,430 ✭✭✭ daheff

    you would generally need to have the cash to do this.

    but if you talk to your bank, they may give you a small short term loan to cover this until you sell your current house. the excess equity over purchase price will then cover your mortgage and repay this short term loan

  • Registered Users Posts: 3,313 ✭✭✭ dubrov

    I don't think a 10% booking deposit is mandatory. Most estate agents insist on it as it shows that you are probably serious but I am sure they would understand your situation.

    I would talk to some estate agents and explain the situation to see if they would accept no deposit before the sale is closed. You could then close your purchase and sale on the same day and not need to raise any financing in between.

  • Registered Users Posts: 3 Classic Senior

    Thank you daheff and dubrov for your replies, I will reach out to the bank and one of the local Estate Agents to see what might be possible.