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Moving House Mortgage Query

  • 27-02-2024 8:55pm
    #1
    CorkBoyInDub
    Registered Users, Registered Users 2 Posts: 88 ✭✭


    Apologies if this has already been asked but I couldn't find it.


    We're half thinking of moving county in 2024. Currently have a mortgage on a good fixed rate with 5 years left (at that rate). €300k left on the mortgage, but the house itself would likely sell for €450k.

    When we move county the chances are we'd need to spend €400k on the house we'd want. Obviously there's solicitors fees, realtor's fees etc. to take in to consideration but my query is really to do with the mortgage.

    What is the standard practice? Do we have to pay down our current mortgage and apply again for a new mortgage against the new home? Or can we transfer the current mortgage to a new house?


    Thanks for any advice



Comments

  • #2
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 4,471 ✭✭✭Buddy Bubs


    New house, new mortgage, new terms and conditions, for better or for worse.



  • #3
    JVince
    Registered Users, Registered Users 2 Posts: 1,621 ✭✭✭JVince


    If all goes perfectly, this is nice and smooth.

    The perfect situation is you sell your current home and buy your new home.

    Then on the day you sign for the new home you finalise the sale of the current home.

    I'm many cases it does happens that perfectly, or a couple of days either side.


    Yes it is a new mortgage (unless you have a Life Mortgage from Finance Ireland), but unless you have had a dramatic change in job / financial position, this is fairly easy.

    You won't keep the rate you have. New mortgage, new rates - Avant 3.95% for entire period of mortgage is attractive.


    But overall quite easy with the main difficulty trying to complete sale/purchase on the same day.



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