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  • 01-07-2010 7:34am
    #1
    Magic Pips
    Registered Users Posts: 621 ✭✭✭


    so i own a 3 bed town house in Balgriffin (99 sq m), theres one up on daft for 325, i think thats wishful thinking though...

    This place is rented for 1k a month until Feb 2010.

    My family house is available for roughly 360+ and is a 3 bed plus attic room in Clontarf.

    My Mortgage stands at around 295k, with one year left at a fixed rate of 4.45

    I've tentatively enquired about a new mortgage, with a wage of 60k i can get a mortgage of roughly €285k (60k x 4.75)

    I'd like to effectively trade in my house and buy the family house, i cant see a realistic way of making it work - perhaps i'm being negative. I'm a 29 yr old male in a secure job (can travel for work if things get bad).

    The issues im aware of:

    1) Penalty for leaving a fixed mortgage early
    2) Selling the house in balgriffin in a shocking market
    3) Getting a mortgage (which i can easily afford) from them stingey bankers!


    Am i miss reading the situation, or my options, or indeed any other issues?

    Thanks
    I.


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    #2
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    Sounds like you need to go to a mortgage broker, its been known for family members to swap homes .You,d still need a solicitor ,you swap houses and pay the difference in value, its a legal transaction.But you are likely to be in negative equity on your home at the moment.ITS a complex situation.You can a free estimate of your homes value just by calling an estate agent for a valuation.


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