Advice on new mortgage

H

HIDI

Registered User
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Hi

Not sure what way it works, Have a property currently 203,000 euro outstanding on mortgage.Hoping to sell this house and buy a new property, just a bit concerned we will not get extra mortgage for new home, Hoping to sell existing property for 240,000.00. New property is 260,000.00. I spoke to the bank they advised it wouldnt be a problem getting extra money for new house.I advised him we both had car loans and it was still fine. But couldnt give loan approval until house is sold? I am just a bit worried putting house on market and if does sell we are refused extra money. I have excellent credit rating myself and my partner has missed 4 car payments, I am worried this will stand against us, when we go for extra loan approval. I dont want to put house on market and waste anyones time. I would love to just be able to loan approval in principle. The guy in bank said this could not be done until property is on the market and we find a house we like.Surely if I am giving house price we hoping to get and what we hoping to get for our own home, I know these figures may be a bit inaccurate.Really grateful for anyones advice.And if you need more information let me know.thank you.
 
i'm no expert, but i think it all sounds too theoretical.

Of course you can give figures for the house values, but who says they would be in any way close to what someone will pay for them?


i think that you should get an icb credit report for your partner to know where you stand on that.

http://www.icb.ie/
 
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thanks for your reply, yeah above figures are rough estimate, I know the house may not even sell,I am just not sure what way it works, surely I cant put an offer in on a house I like, if my home may not even sell and we are not 100% sure we will get extra loan. the missed payments on the car loan worry me to. Would it be a big factor if his credit report is bad and mine is excellent. I pay mortgage from my account and have done for past six years.will this stand to us. Sorry i dont know much on buying and selling property.
 
HIDI said:
I have excellent credit rating myself and my partner has missed 4 car payments, I am worried this will stand against us,
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If your partner has missed car payments in the last 5 years then it is highly unlikely that you will be approved by one of the main banks. Did you disclose the missed payments to the bank?

HIDI said:
I would love to just be able to loan approval in principle. The guy in bank said this could not be done until property is on the market and we find a house we like.
Click to expand...



The guy in the bank probably has many enquiries per day that do not go anywhere. At this stage lenders are only giving approval in principles to those who are actually in a position to take on a mortgage.

To be honest an approval in principle is virtually worthless these days but if you still want one then tell the bank your house is sold and give them the details of the new property you are interested in. Just be sure than the bank does a credit check up front as some lenders do not do a credit check until formal loan offer stage.


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thanks for you help. I just dont want to waste anyones time by putting house on market and putting offers on new property. If we not even sure we will get extra mortgage. Sorry if I am sounding dim. I never mentioned the missed car payments to the bank. Our current mortgage is with Irish Nationwide.
 
I don't really how Nationwide underwrites it's mortgages, they might even disregard the missed payments depending on your relationship with them. Best thing is to be upfront at the start though.
 
You can't really look at any other houses or put offers on, until your own house is sold. That doesn't mean when you accept an offer, you need to wait until the buyers' actually sign their contract.
It may take up to a year to sell in the current market.
There is very, very, very little chance that you will sell one house and find another then to move into straightaway.

You need to accept the fact that renting in between is a very real possibility.
Also it'll reduce the stress (even though moving to rental is stressful too, it is more flexible) of trying to buy another property in time for the selling of the other one.

You should take one step at a time if you have good reason to move.

1. Sell your existing house.
2. Rent until you find a house you like.
3. Buy new house.
 
thanks, that my concern if house does sell, we find the house we like and then we have problems getting the new loan, because of missed car payments.
 
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