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House/Bridging Loan

  • 06-09-2021 6:11am
    #1
    Registered Users Posts: 1,368 ✭✭✭ irishguy1983


    So thinking/hoping to buy house that is worth 40,000/50,000 more than my own....

    I’d like to buy the other house before selling mine....How do I go about this? Not sure too what a bridging loan is or how it works? What else should I be factoring in?

    Looking for as much advice as possible....

    Thanks...



Comments

  • Registered Users Posts: 9,013 ✭✭✭ Caranica


    They don't exist any more. It's next to impossible to do what you're seeking to do. By all means talk to your bank/a broker but don't get your hopes up.



  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 21,082 CMod ✭✭✭✭ Pawwed Rig


    It isn't impossible. It just depends on your financial position. The bank will grant a mortgage on the assumption that the current property will become a rental (well ptsb did anyway) and assess the OPs repayment capabilities



  • Registered Users Posts: 1,368 ✭✭✭ irishguy1983


    OK....Fair enough....I honestly don’t have a clue myself...How do “regular” people move/upgrade so? Like I mean people without a fortune of cash/savings?



  • Registered Users Posts: 1,368 ✭✭✭ irishguy1983


    I have my mortgage....Just looking for bank to throw me an extra 40/50...I know it is not as simple as that of course!



  • Posts: 18,752 ✭✭✭✭ [Deleted User]


    Usually, you would also have your own house on the market, if you're planning on selling it.

    You would be in a better position if your own home is sale agreed.



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  • Registered Users Posts: 1,368 ✭✭✭ irishguy1983


    Cool - hadn’t even thought of selling until I saw this house!



  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 21,082 CMod ✭✭✭✭ Pawwed Rig


    You will need to have the cash for the sale of your old house before they will transfer the new one to you. You cannot use your house as part of the sale?

    Not sure I am understanding this thread tbh



  • Registered Users Posts: 1,368 ✭✭✭ irishguy1983



    Cheers…I didn’t think I would need cash from sale of my house…I thought my house would be the collateral if ya get me…Basically I haven’t a clue how to go about making this happen and looking for anyone with good advice :)



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