P
phoenix_n
Guest
Wonder if someone could give me some advice on the following:
Details : Salary approx 55,000
Cash 130,000 (proceeds on sale of house)
No debts
My offer was accepted on a property down the country (home town) for 335,000(+stamp 20,000) and i have a mortagage approved for 280,000. The rest i can make up. Sale should go thru in about a months time.
But here is where it gets complicated. I got wind of a new development yesterday and put down a deposit of 5,000 on a dublin city centre 2 bedroom flat. 400,000. This will become my primary residency.
Now for my questions:
How should i best approach getting a second mortgage:
I can afford to pay the 10% deposit on contracts in 21 days in cash so that i would not need for the moment to go to the bank to look for a 2nd mortgage. Since completion would be probably feb/march i dont need to scare the bank yet. Could i lose my deposit and indeed is it possible to sign contracts without mortgage approval.
Otherwise go to the bank and get an investment mortgage on the place down the country ( can't you get more if it is investment ) and get a primary mortgage for the place in dublin when it gets built.
Would even the bank give the desired money ?
Any ideas ?
Cheers....
Details : Salary approx 55,000
Cash 130,000 (proceeds on sale of house)
No debts
My offer was accepted on a property down the country (home town) for 335,000(+stamp 20,000) and i have a mortagage approved for 280,000. The rest i can make up. Sale should go thru in about a months time.
But here is where it gets complicated. I got wind of a new development yesterday and put down a deposit of 5,000 on a dublin city centre 2 bedroom flat. 400,000. This will become my primary residency.
Now for my questions:
How should i best approach getting a second mortgage:
I can afford to pay the 10% deposit on contracts in 21 days in cash so that i would not need for the moment to go to the bank to look for a 2nd mortgage. Since completion would be probably feb/march i dont need to scare the bank yet. Could i lose my deposit and indeed is it possible to sign contracts without mortgage approval.
Otherwise go to the bank and get an investment mortgage on the place down the country ( can't you get more if it is investment ) and get a primary mortgage for the place in dublin when it gets built.
Would even the bank give the desired money ?
Any ideas ?
Cheers....