Mortgage and FTB question - Help Please!

[snipersham]

Hi All,
I have a few questions and I would appreciate any views on them.

I have 100k saved and I am looking to trade up, I own my current home. I'm lucky to have no debts, mortgage, credit card ect....

1. If I approach a mortgage lender/Bank, would they lend me 200k considering I have 100k saved. I plan to sell my current home but would like to purchase a new home another before i sell to make the move easier (young and old family members to take account of) and ease the pressure. I then plan to pay a lump off the loan/mortgage i get from the bank (100k+) when my current home is sold.

My questions are
Would the bank lend me the amount above considering my savings and good/current credit history.
Is there an early payment fee on all morgtages and if so could i go about it a different way ( like a long term loan)

I got a small mortage over 15 years ago from Dublin Corporation by myself - does this now exclude me and my wife from being a first time buyer with a bank?

I apologise if these questions are basic, but i would appreciate any input from the wide range of knowledge that is present on this board.

Thanks in advance

S

 

[Ryandd]

Hi
just in relation to your query. I don't see why you should not be given this loan, given you have good savings and a property with no mortgage. They may ask for an undertaking that you clear a portion of the mortgage once the other property is sold, but if you have strong salary this should not be a problem. As far as Im aware there is no penalty for early payment of a lump sum, this refers to variable rate mortgage but a fee may apply to a fixed rate mortgage unless agreed beforehand. And finally if your wife is a first time buyer there may be a way of keeping this status you will need to check. Hope this has been helpful.

 

[elcato]

The bank will give you a mortgage based on your current income and how much deposit you put down (and your ability to pay it back). Given that you own the propery they will not care about whether you pay them back a lump sum or not. If you are looking for 200k of a loan the in todays world I'd imagine they will do the 3 times salary rule and also see how safe your current employment is. So if you earn 65k or more a year you should get the loan no problem. Do you have any personal loans or credit cards ?
If you bought a house before regardless of whether you paid cash or got a mortgage, you are no longer a first time buyer.

 

[Bronte]

I plan to sell my current home but would like to purchase a new home before i sell to make the move easier

This is not a good idea, you would in effect have 2 mortgages at the same time so no bank will let you do this in the current climate. Sell and then buy, or sell, rent and buy.