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Trading up

  • 24-03-2018 11:03am
    #1
    loolloo78
    Registered Users, Registered Users 2 Posts: 20 ✭


    Hi I am looking for advice on trading up to a bigger home. We currently have a 3 bed house which we paid 160k for which is in equity of approx 100k and we would like to sell and buy a 4 bed. Would we need to sell the house first to get the deposit for the new house? What if the bank then refused to lend to us. Or do we approach the bank first? Any advice would be appreciated.


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,337 Mod ✭✭✭✭Gumbo


    Approach the bank first.
    Outline all the fees and costs associated with selling current Propety and be conservative with the end profit.

    Then that’s your deposit and see what they will lend you for the new house based on income and second time buyers.

    You will also have a transition period where you may have nowhere to live so they may discuss a bridging loan ?


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