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Moving - mortgage options

almae34 · 2021-05-05 17:15:34

Hi We are hoping to move. We have a mortgage on our current property which we will be selling. Is it possible to go ahead an apply for a mortgage for a property we want to purchase. Would the new mortgage only be approved when the sale of our existing property is done or would we have 2 mortgages for a short time?

05-05-2021 5:15pm

#1

almae34

Registered Users, Registered Users 2 Posts: 53 ✭✭

Join Date: May 2010

Posts: 39

Hi

We are hoping to move.

We have a mortgage on our current property which we will be selling.

Is it possible to go ahead an apply for a mortgage for a property we want to purchase.

Would the new mortgage only be approved when the sale of our existing property is done or would we have 2 mortgages for a short time?

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Comments

#2 05-05-2021 7:24pm

phormium

Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭

Join Date: February 2008

Posts: 3360

Usually the drawdow of the new mortgage is conditional on the old one cleared or at very least contracts for sale signed.

Only exception to that is if your income figures are sufficient to support both mortgages.

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