trading up calculator

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shkyler

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Is there such a thing as a trading up calculator that takes account of your current house and shows you how much you can borrow?
Found a few but they dont take into account your first house.
 
In what way do you want a calculator to take account of your first house? Do you intend to keep it and rent it?
 
I would be interested in this too.
I recently became interested in a new house which is €240,000. Our own home would be worth around 200-210k. Our mortgage is 105k with 19 yrs left. We were thinking of trading up, or at least to see if our own house would sell in the current climate.
If we had our house sold for 210k, and leaving 10k aside for fees etc., would it mean an extra 40k onto our mortgage? We could handle the reayments, as our current interest rate is 5.5% tracker with BoI.
 
no sorry want to sell other house and see how much more of a mortgage we would get.
 
Selling your existing house has no effect on the size of mortgage you will get - that depends on your income and non-mortgage outgoings. Selling your house will just provide the deposit.
 
When you say an extra 40K on your current mortgage what exactly do you mean by that? In other words do you mean for example your existing mortgage loan account balance being increased by 40K or do you simply mean your total debt to the bank increasing by 40K?

In short the total debt to the bank would be extra 40K but I would assume that the bank would write this new debt of €145K (€105K plus 40K (210K minus 10K minus current debt of 105K)) as a brand new mortgage account with new terms such as interest rates etc applying. Whether you would get a tracker would be something you should discuss thoroughly with the bank first.

I am not a banking expert by any means (more tax - see profile) but I have dealt with this with my own mortgage and have dealt with the banks on other similar matters (e.g. car loans) so would have a good idea of what you should expect.


colin79ie said:
I would be interested in this too.
I recently became interested in a new house which is €240,000. Our own home would be worth around 200-210k. Our mortgage is 105k with 19 yrs left. We were thinking of trading up, or at least to see if our own house would sell in the current climate.
If we had our house sold for 210k, and leaving 10k aside for fees etc., would it mean an extra 40k onto our mortgage? We could handle the reayments, as our current interest rate is 5.5% tracker with BoI.
Click to expand...
 
LDFerguson said:
Selling your existing house has no effect on the size of mortgage you will get - that depends on your income and non-mortgage outgoings. Selling your house will just provide the deposit.
Click to expand...
Is there a calculator if you wanted to keep your existing house and buy another. I think there is something about RIP no idea but believe in practical terms results in lower percentage mortgage will give 60% rather than 80-90% if you sold your existing house before buying?
 
I'm not aware of any online calculators but any good mortgage advisor should be able to do these calculations for you. Each lender will have its own maximum LTV for homes (typically 90 - 92%) and a different one for rented properties (typically up to 80%) so you can mix and match between the two to get the best rate.
 
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