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Putting house on market yes or no

  • 16-02-2012 12:10am
    #1
    Darragho
    Registered Users Posts: 40 ✭


    Hi All,

    Am considering putting house on the market 4bed semi with converted garage would be looking for approx 170k.

    Am living in rural spot and looking to move closer to work and family have seen a house on market similar to above for 175K.

    Remaining balance on mortgage appoximately 130k.

    Question is if I stay with the same bank what is situation with mortgage would be hoping that I would not have to look for a top up or anything would like to keep the mortgage the same. Would I have to go through the same process re loan agreement as first time round even though i would not be topping up reason for my reluctance is I am on rolling contract so not in a perm role.

    Have approximately 120k in savings( inheritance and redundancy) and owe approximately 20k between bank and credit union.

    Thanks in advance


Comments

  • #2
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Darragho wrote: »
    Hi All,

    Am considering putting house on the market 4bed semi with converted garage would be looking for approx 170k.

    Am living in rural spot and looking to move closer to work and family have seen a house on market similar to above for 175K.

    Remaining balance on mortgage appoximately 130k.

    Question is if I stay with the same bank what is situation with mortgage would be hoping that I would not have to look for a top up or anything would like to keep the mortgage the same. Would I have to go through the same process re loan agreement as first time round even though i would not be topping up reason for my reluctance is I am on rolling contract so not in a perm role.

    Have approximately 120k in savings( inheritance and redundancy) and owe approximately 20k between bank and credit union.

    Thanks in advance

    If you are moving property the existing mortgage needs to be repaid in full on closing to give the new owner full title to the property. You will then need to apply & take out a new mortgage on the new property you are buying as a mortgage can't simply be just transferred to a different address. Were you in a contract position when you took out the original mortgage? Provided you are with your current employer a sufficient length of time and the bank feel secure (as they can be) that you will remain there they may look on your application favourably as you are looking for a similar loan amount to the one you are currently servicing. On a side note I'd advise you to use €20k of your savings to repay existing CU & Bank debt prior to applying.


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