Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

House owner buying new house, changing mortgage over?

Options
  • 30-05-2015 2:28pm
    #1
    are you serious
    Registered Users Posts: 1,047 ✭✭✭


    Hows it going folks a query to run by yourselves..

    Currently living in a house that "we" own, her good self owns it really but its ours ;)
    Going by the rest of the houses in our estate up for sale at the minute if we sold now today we would then have a profit of somewhere in the region of 50/60k after her mortgage is paid off from the sale.

    We are now on the lookout for a house and want to move from here selling the house we are in. So my main question is it a case where the bank would expect us to have this house sold then look for a new house once the sale is done and dusted?


Comments

  • Options
    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,507 Mod ✭✭✭✭johnnyskeleton


    Not necessarily. chain sales are quite common. However, if you are relying on the equity of house 1 to fund the deposit of house 2 they may require a valuation report or that you sell first


  • Options
    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Exactly as Johnny has said- chain sales are pretty normal these days- the only people not involved in chain sales are first time buyers- or the few people who are cash buyers. In the old days- the banks had a lovely sideline in 'bridging finance'- where they could earn very high interest on short term loans to facilitate people selling one property- and buying another independently of the sale of property 1- and then paying off the loan (the bridging finance) when house 1 sold........ Those days are gone.


  • Options
    #4
    ted1
    Registered Users Posts: 23,536 ✭✭✭✭ted1


    If your selling to cash in, then I don't think you'll do to well.

    By the time you add on solicitor fees, estate agent fees, stamp duty , moving etc a good few thousand will be gone.

    Also the replacment cost will have gone up in price as well .

    You'll effectively de down grading your house , this could mean getting a smaller house in the same area, getting the same house in a less desirable area, getting a larger house in a really remote place. Etc, etc.

    I'm up about 250k on my house , but so are all the other houses, so unless I exit the market it really means nothing


  • Options
    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    ted1- it really depends.
    Its not black and white like this anymore.
    House prices are doing really weird things at the moment.
    Its really impossible to make a judgement call.
    Properties that estate agents thought would fly out the door- are sitting there months later- even after lower prices being offered.
    Prices that many considered too high and would have to be dropped- have been surpassed.

    The market is all over the place.


Advertisement