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Bridging loan needed

  • 15-06-2020 10:13am
    #1
    brokenarms
    Registered Users, Registered Users 2 Posts: 1,387 ✭✭✭


    Hi. I currently own a my house with 160k still owed and on a tracker.

    I have seen a house I really want and want to put an offer on it..

    I have not yet sold my current house.


    Do I have any options?


    Bank of Ireland basically just told me no. But need a second opinion.

    Cheers.


Comments

  • #2
    Caranica
    Registered Users, Registered Users 2 Posts: 10,177 ✭✭✭✭Caranica


    Bridging loans disappeared after the recession I'm afraid. You either need a very efficient chain or sell-rent-buy.


  • #3
    cruizer101
    Registered Users, Registered Users 2 Posts: 3,205 ✭✭✭cruizer101


    You can still put an offer in on it even if your own isn't sold.
    Is your own house up for sale currently?
    Do you have mortgage approval for the amount you will need?


  • #4
    Mike3287
    Closed Accounts Posts: 379 ✭✭Mike3287


    I've a similar problem

    Own my house, no mortgage, its worth approx 200k

    Dont want to sell it until I move into my new house

    New house will cost a bit more about 230k

    Any mover mortgage available that could facilitate?

    I would pay off the 230k with the 200k house sale and some cash savings

    I would apply for a mortgage but my situation wouldnt work

    As im mortgage free we became a single household income a while ago and that income wouldn't be enough to get 230k on its own with two dependants, don't think bank would use family home as collateral


  • #5
    brokenarms
    Registered Users, Registered Users 2 Posts: 1,387 ✭✭✭brokenarms


    cruizer101 wrote: »
    You can still put an offer in on it even if your own isn't sold.
    Is your own house up for sale currently?
    Do you have mortgage approval for the amount you will need?

    I have done nothing really yet other than arrange a BER cert appointment for my current home.

    I think I should get around 235 for my house judgeing my other houses on my street. Giving me 75k equity .

    the home I want is 190k.

    So the mortgage should be small.

    How long on average does it take to sell a home from listing to getting the money? I might be able to time it correctly.


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