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Mortgage

  • 16-03-2019 12:13am
    #1
    luckystar1
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hello
    We are a large family that have massively outgrown our thread bed semi d. We were unlucky enough to have been in negative equity for many years. We have come out of negative equity now few years back and really need to move on with upsizing to a bigger home. We have a tracker mortgage with BOI. We have a car loan at present which we are paying off. We have never been in arrears with our loan or mortgage. My question is if we sell our house, with very little savings, can we use this profit as deposit for bigger house. Will it go against us that we have a car loan. Both my husband and I have very dependable permanent jobs, we really cannot wait around for another 3 years untill our car loan is paid and we are paying back as much as we can at the monument while tying to save also for yearly fees such as schooling, xmas, miscellaneous etc. Can you help us to get moving?


Comments

  • #2
    Bank of Ireland: Lorna
    Closed Accounts Posts: 423 ✭✭Bank of Ireland: Lorna


    Hi there luckystar1

    Congratulations on your first boards post.

    The best thing to do would be to contact our Mortgage Team on 016113333 and our Mortgage specialists will be delighted to go through all your options with you.

    Thanks,

    Lorna


  • #3
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    luckystar1 wrote: »
    Hello
    We are a large family that have massively outgrown our thread bed semi d. We were unlucky enough to have been in negative equity for many years. We have come out of negative equity now few years back and really need to move on with upsizing to a bigger home. We have a tracker mortgage with BOI. We have a car loan at present which we are paying off. We have never been in arrears with our loan or mortgage. My question is if we sell our house, with very little savings, can we use this profit as deposit for bigger house. Will it go against us that we have a car loan. Both my husband and I have very dependable permanent jobs, we really cannot wait around for another 3 years untill our car loan is paid and we are paying back as much as we can at the monument while tying to save also for yearly fees such as schooling, xmas, miscellaneous etc. Can you help us to get moving?
    No bank will take your personal need to move into consideration when considering a loan. That's your personal circumstances.

    The good news is that the equity in your current home can go towards your deposit. The bad news around your house going into positive equity is that it's because house prices are increasing.

    You may be benefiting from a very good tracker mortgage on your current loan and if that's the case your next mortgage is likely to cost significantly more.  Don't plan on keeping your current tracker rate.

    If you have little savings, only managing to pay off your existing commitments then it will go against you if you want to take on even greater debt (upsizing) if all your extra income is going to saving for future expenditure commitments.

     Do contact BOI as recommended, but based on the given information it's difficult to see how they can assist.


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