Hi,
We are currently considering moving home and looking for advice on how to structure the mortgage.
Our current income is €160,000, we currently have €282k left on our existing mortgage and savings of €120k.
We would like to buy a house for c. €350k but hold onto out existing home for a short period of time while new house is being renovated, etc to avoid having to move into rented accomodation between the sale of two houses. The plan would be to sell our current house once the new house is near available for moving in.
Can anyone advise how this might work from a mortgage perspective - based on salary multiplier of 3.5x we could only borrow €560k but existing mortgage and new mortgage would exceed this @ €632k (€282k+€350k) but only temporarily until we sold out current house. Does anyone have any advice on how this might work?
We are currently considering moving home and looking for advice on how to structure the mortgage.
Our current income is €160,000, we currently have €282k left on our existing mortgage and savings of €120k.
We would like to buy a house for c. €350k but hold onto out existing home for a short period of time while new house is being renovated, etc to avoid having to move into rented accomodation between the sale of two houses. The plan would be to sell our current house once the new house is near available for moving in.
Can anyone advise how this might work from a mortgage perspective - based on salary multiplier of 3.5x we could only borrow €560k but existing mortgage and new mortgage would exceed this @ €632k (€282k+€350k) but only temporarily until we sold out current house. Does anyone have any advice on how this might work?