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"Downsizing" of sorts

  • 14-06-2022 2:47pm
    Posts: 0

    Current A3 rated House value - valued at approx. €335k with an outstanding mortgage of €235k and 20 odd years remaining. Savings are zero.

    Scenario is I'd like to move to the countryside, and have spotted a house asking price €200k, BER of E2. So, sell first house and pay off the mortgage on that, and take out a mortgage of €160k for the second house. Use the equity from the first house (€100k less legal fees etc. from sale/purchase and €40k for 20% contribution for second house) of 50k or so to do a deep retrofit to improve to at least a B2 house.

    The issue of course being with no savings, how can I get a mortgage on the second one until I sell the first one? Am I going to have to rent for a month or two between closings to make it work? Any other ideas?


  • Registered Users Posts: 111 ✭✭LunaLoo

    Depending on where your current house is put it up for sale and make offer on house you want pending sale of current house. Have your mortgage approval in principle before you make offer.

    We're doing same thing and once sellers saw we had house ready to sell quick and had approval ready they were happy to accept it over a cash buyer offering slightly less.

    Get an agent around to discuss selling yours and see how quick they think it would sell.