Moving House. Current home in NE. Options?

[scarr187]

Hello,

I will try to be brief.
Myself and the OH have a mortgage with EBS - Mortgage €310k. House market-value: €270k (maybe €280k).
We would like to move. The type of home we have in mind is a fixer-upper. It seems feasible that we can get the next home for about €250k, we would also need €80 - €100k to invest in the home - though it will be a longer term project.

In order to have a clearer picture of the road ahead, I would appreciate some advice as to the options open to us.
Obviously the optimum is a large deposit to create a smaller overall mortgage - but is a €35k deposit the only show in town?

Thanks for your time.

 

[Brendan Burgess]

Yes. Ebs requires ne movers to have 10 percent. Not sure if it's more for a fixer up

 

[scarr187]

Thanks for the reply Brendan.
Would a bank, in your opinion, entertain a scenario, where we pay the 10% deposit on the new property but then dont start payments on the new mortgage for a certain period of time - or is that completely off the wall?

 

[Brendan Burgess]

That is so far off the wall, that it's not even close to the wall.