We have agreed to purchase a newly built house and have put down a deposit of €6000. We need to pay 10% of the fee on the signing of contracts which is approx. €31k, however we will not be in a position to have this amount.
We are also selling our own house which we expect to fetch 300k and we have a mortgage of 110k outstanding so we have plenty of equity.
The whole purchase came up a bit out of the blue so we had little time to gather much savings. Will a bank generally be willing to allow us to drawdown the 10% or do we have any other options (bridging loan) etc?
We are also selling our own house which we expect to fetch 300k and we have a mortgage of 110k outstanding so we have plenty of equity.
The whole purchase came up a bit out of the blue so we had little time to gather much savings. Will a bank generally be willing to allow us to drawdown the 10% or do we have any other options (bridging loan) etc?