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second time buyer

  • 28-06-2020 10:08am
    #1
    121212
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hi, apologies for question but a little clueless as to mortgage rules etc. Bought our first home about 11/12 years ago but as family is getting a little bigger we were thinking maybe trading up if possible. However not too sure what this would mean financially yet.
    Roughly speaking I think we would be selling our current home for approx 350 and possibly buying for approx 450. Can anyone tell me what the mortgage deposit rules are for this,and stamp duty liability? any other major financial outgoings invlovled?


Comments

  • #2
    gmisk
    Registered Users, Registered Users 2 Posts: 33,872 ✭✭✭✭gmisk


    121212 wrote: »
    Hi, apologies for question but a little clueless as to mortgage rules etc. Bought our first home about 11/12 years ago but as family is getting a little bigger we were thinking maybe trading up if possible. However not too sure what this would mean financially yet.
    Roughly speaking I think we would be selling our current home for approx 350 and possibly buying for approx 450. Can anyone tell me what the mortgage deposit rules are for this,and stamp duty liability? any other major financial outgoings invlovled?
    If you are a second time buyer you need minimum of 20% deposit.
    Not sure of any other differences.


  • #3
    ec18
    Registered Users, Registered Users 2 Posts: 2,751 ✭✭✭ec18


    at least 20% deposit and affordability on the increased mortgage. .Stamp duty would be the same 1% of the house value. That's only difference, you won't qualify for help to buy obvs :)


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