We have been thinking about trading up for a few months now as our current house is feeling a bit small with 3 kids. But the thought of selling and renting for a year didn’t appeal so we’ve held off as we were in no rush.
However, a great house has just come on the market in our area and it ticks all the boxes. Houses have been selling within a couple of months in the area so there’s no way we’d have our own house on the market and sold before this one goes.
Our situation is this: our house is worth about 500k (identical house sold on our road 2 weeks ago for 500k). We have no mortgage.
New house will go for about 780k.
We have savings of just over 200k.
Ideally, we’d eventually like to have a mortgage of about €150k, put €130k of our savings towards it, and €500k from sale of our house.
In order to buy, we’d require an initial mortgage of €580k (we’d put our €200k savings in). Will we be able to borrow this amount until the sale of our house goes through? We have a joint income of €130k + about 10k bonus, no other loans. We’re both 42.
I called one broker and he said he could get us about €500k – he didn’t seem to think they’d take account of the fact that it’s only short term and that they’d be concerned we couldn’t meet our repayments if it didn’t sell.
However, a great house has just come on the market in our area and it ticks all the boxes. Houses have been selling within a couple of months in the area so there’s no way we’d have our own house on the market and sold before this one goes.
Our situation is this: our house is worth about 500k (identical house sold on our road 2 weeks ago for 500k). We have no mortgage.
New house will go for about 780k.
We have savings of just over 200k.
Ideally, we’d eventually like to have a mortgage of about €150k, put €130k of our savings towards it, and €500k from sale of our house.
In order to buy, we’d require an initial mortgage of €580k (we’d put our €200k savings in). Will we be able to borrow this amount until the sale of our house goes through? We have a joint income of €130k + about 10k bonus, no other loans. We’re both 42.
I called one broker and he said he could get us about €500k – he didn’t seem to think they’d take account of the fact that it’s only short term and that they’d be concerned we couldn’t meet our repayments if it didn’t sell.