Downsizing your home.

bogwalrus

Just looking for some advice and information on downsizing. Its tough to find the right information trawling through the net.

So the situation is that my partner and I are getting married in July. She has owned a property in Limerick for the last six years and has it rented out for the last two years. She has had difficulty paying the mortgage over the last two years and since she now lives in Cork she is considering downsizing as this is the only realistic option at the moment.


The house is only valued at roughly 120K and she bought it for 160K.

The house we are looking at is "fixer-upper" that costs roughly 45K.

What I am wondering is if the bank will only give us a mortgage for the exact cost of the house or can we get more to complete some (maybe all) of the refurbishment. We believe a mortgage of 80k should do the trick.

We wont hear back from the bank for another while as all is going through our solicitor at the moment.


There are not many other houses in our area for sale close to her work that would be suitable and available under 80K.

This Fixer-upper is really our best bet if we can get that extra bit to fix it up.

We are currently paying €600 on rent and she is getting roughly €500 rent from the other property with a mortgage of €650. If we could secure a mortgage of 80k and downsize our monthly mortgage repayments would be roughly 450-500 per month maybe a bit less.


Any thoughts and advice on the whole downsizing would be great.

Cheers:)

bogwalrus

Ok I just found out that it is not possible to get a mortgage for more than the house is worth when downsizing. It also must be habitable. So fixer-uppers seem to be out of the question for now.