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Looking to move

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  • 06-01-2008 10:59pm
    #1
    keystone
    Registered Users Posts: 119 ✭✭


    Hi there

    We are thinking about selling up and buying another house.

    Our budget will be more or less whatever we can get for the house we have.

    Apart from getting our house valued and on the market, what is the process here? If we find a house that we like before ours is sold, should we put an offer on it?

    Will the Banks help as we are selling?

    Any help/advise would be great asd we are at a loss here.

    Thanks

    Mark


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    #2
    seahorse
    Closed Accounts Posts: 1,164 ✭✭✭seahorse


    keystone wrote: »
    If we find a house that we like before ours is sold, should we put an offer on it?

    Will the Banks help as we are selling?

    Someone close to me recently sold her home and found herself in the position you describe. She was advised by her bank manager (of all people!) to go to the credit union to organise what's known as a 'bridging loan' to secure the other house until the deal was done on her own home. He told her that the credit unions rates were staggeringly different, much much more reasonable, so that's what she did; she got five grand off the credit union to keep the house safe and paid the back the loan along with a few buttons in interest when the sale of her own house went through. Steer clear of the banks when you're looking for your bridging loan - even the bank managers say so! lol

    The only thing is you need to have an account with the credit union and a minimum of three months saving history in order to get a loan, so the best thing to do is open a credit union account asap if you don't already have one. For your first loan they will lend you a maximum of twice what you've got in your shares (savings) and for your second loan they'll loan you three times that. I don't know how much you know about the credit union but if you haven't had an account with them before just bear that in mind cause you wouldn't want the whole thing messed up because you forgot a minor detail like that. Best of luck to you.


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