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House/Bridging Loan

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  • 06-09-2021 7:11am
    #1
    irishguy1983
    Registered Users Posts: 1,389 ✭✭✭


    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

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    #2
    Caranica
    Registered Users Posts: 10,001 ✭✭✭✭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.



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    #3
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,293 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



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    #4
    irishguy1983
    Registered Users Posts: 1,389 ✭✭✭irishguy1983


    https://www.boards.ie/discussion/comment/117852039#Comment_117852039

    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?



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    #5
    irishguy1983
    Registered Users Posts: 1,389 ✭✭✭irishguy1983


    https://www.boards.ie/discussion/comment/117852046#Comment_117852046

    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!



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    #6
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [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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    #7
    irishguy1983
    Registered Users Posts: 1,389 ✭✭✭irishguy1983


    https://www.boards.ie/discussion/comment/117852185#Comment_117852185

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



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    #8
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,293 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



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    #9
    irishguy1983
    Registered Users Posts: 1,389 ✭✭✭irishguy1983


    https://www.boards.ie/discussion/comment/117854459#Comment_117854459


    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 :)



  • Options
    #10
    sabpb
    Registered Users Posts: 5 ✭sabpb


    Hi folks

    Myself & my partner are potentially buying a house that we’d be applying for the vacant property grant for.

    Hoping to get peoples experiences on a couple of things-

    We won’t have enough money to get the house fully finished & claim the grant so we were hoping to get a bridging loan to add to what we have and then pay it back when we get the grant. Has anyone done this?

    Im reading a lot about people waiting ages to get payment once the work is finished. This would be a big concern if we were relying on the grant to pay back a loan within a certain timeframe. The person I’ve been dealing with in our local Coco (Sligo) has said once we’re moved in and inspection done we’d get the money in 4-8 weeks. Has anyone been paid in that timeframe?

    Thanks!



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