I Want to upgrade house

M

MF135i

Registered User
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Hi All.

My first post so here it goes.
My wife owns a house worth €200k, we owe €145k with 17 years on tracker mortgage. We want to upgrade to a €250k house, i'm a first time buyer.
If we sell the 200k house, do we pay off the mortgage and get a new mortgage for new house, or transfer the mortgage and top it up?
Is it possible to pay up a mortgage this way and is there a discount if we pay up early?

Regards
MF135i
 
If you sell the house and buy another, you clear the mortgage off on the first house and get a new mortgage for the new house. When you clear the mortgage, you'll get a redemption figure, which is the amount you have to clear. It will be 145k plus whatever interest is due that month (or portion of it to the redemption date). No, they don't offer discounts.
 
Thanks for the info, only saw the house yesterday so trying to get it all sorted in my head. Was hoping I might get a discount if I paid it back so early.
 
WaterSprite said:
If you sell the house and buy another, you clear the mortgage off on the first house and get a new mortgage for the new house. When you clear the mortgage, you'll get a redemption figure, which is the amount you have to clear. It will be 145k plus whatever interest is due that month (or portion of it to the redemption date). No, they don't offer discounts.
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Not necessarily the case with Ulster Bank. With them you can move your existing mortgage to the new house without affecting the terms and conditions of the mortgage. Have a look [broken link removed].

Obviously if you don't have a UB mortgage, then the advise provided by WaterSprite is spot on.
 
MF135i said:
Hi All.

i'm a first time buyer MF135i
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As far as I'm aware you will not have first time buyer status if your wife has purchased a property. Perhaps someone else can confirm this for you.
 
Thanks for the info guys.
Mortgage is from PTSB so that rules me out - thanks tallpaul.
My wife had the house bought before we married, does this mean I am not a first time buyer? Janey Mac
 
For the purpose of stamp duty, this is the Revenue definition [broken link removed]

A First Time Buyer as defined by Section 92B, Stamp Duties Consolidation Act, 1999, is a person, (or, where there is more than one buyer, each of such persons):
  • who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad)
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Sorry if I am the bearer of bad news.
 
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