Can I remortgage my mortgage-free home to buy another property?

W

Westgolf

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Hi all

We presently own a 4 bed property in Galway city which is mortgage free. It is currently rented on a short term basis. Am planning to put it on the market next spring, would sell now but there is legal action ongoing related to the adjoining property. Property is worth 350K. We have seen a property in south Galway which would be suitable to become our forever home with a little bit of work. It's on the market for approx 250K. We currently live near this south Galway property.

My question is this. Could I get a mortgage on the Galway City property to buy the County property? Then sell the city property in spring 2022 and clear the county based mortgage thus leaving me with a few quid.

All comments and thoughts welcome. I will clarify if the above detail isn't clear enough.

Thanks

Westgolf
 
Brendan Burgess said:
Would it not be a lot simpler and cheaper to get an ordinary home loan to buy the €250k south Galway home?

Brendan
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Hi Brendan,
Yes probably would but we are both in our 50's and trying to get a standard mortgage would probably be difficult. We suffered flood damage caused by the adjoining property and the case is due before the courts soon. Therefore the thought process was to mortgage the City property to buy the country property. Once case is finalised in court, sell City House to pay off Country property and end up with a forever home which is mortgage free and a few quid left over.

If you think I'm crazy, feel free to say so !

Westgolf
 
You are not crazy at all.

But a PPR home is much cheaper.

It won't matter much if it's only for a few months.

But I would try to get a mortgage from one of the cash back lenders. Get the 2% cash back and then clear the mortgage.

Brendan
 
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